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.
Technical Report,01 Sep 2017,31 May 2018
01 Jan 0001, 01 Jan 0001, B. Franklin Reinauer II Defense Economics Prize