The New Game: Cryptocurrency Challenges US Economic Sanctions
Technical Report,01 Sep 2017,31 May 2018
Naval War College Newport United States
Pagination or Media Count:
The recent creation and rapid rise of cryptocurrencies like Bitcoin present a credible means for nations, corporations, and individuals to circumnavigate and undermine economic sanctions imposed by the United States. This paper outlines five cryptocurrency strategies that are enabling countries to elude US economic sanctions. In assessing these strategies, Russia, North Korea, Venezuela, Iran, and Sudan illustrate different applications of cryptocurrencies for the same intent, to avoid sanctions. The US Government must begin to systematically address this dynamic currency evolution with an aggressive counter strategy or face the reduced effectiveness of its favorite economic instrument of power.
- Economics and Cost Analysis
- Government and Political Science