The possibility of sanctions-busting, and generally finding a way to work outside the Western-dominated global financial system, makes cryptocurrencies attractive to non-Western nations, and the more so to rogue regimes. But an element of the current crypto economy would come in handy to any sovereigns starting their own digital currencies. Exchanging the Venezuelan petro or the Russian crypto-ruble would still require some kind of interface with the existing global financial system. Mr Kakushadze and Mr Kyung-Soo Liew wrote that, because of their promise of enhanced secrecy, sovereign digital currencies would undermine the global monetary system. To keep its dominant role in the global financial system, the West is essentially interested in holding back progress.

Source: Bangkok Post December 05, 2017 21:22 UTC