MIT Technology Review: "Encrypted Rogue" Countries Want to Use Blockchain to Weigh US Dollars

On August 1st, the MIT Science and Technology Review published an article entitled "'Crypt rogues' countries want to use blockchains to undermine the US dollar." The article stated that the government that wants to circumvent US sanctions is turning to cryptocurrencies to avoid the traditional financial system. The article mentions the example of Venezuela. Last year, under the leadership of President Maduro, the Venezuelan government introduced a state-backed cryptocurrency, the petroleum coin. This attempt to evade US sanctions is widely considered by the outside world to be a failed scam. But now, the government has turned to bitcoin. ABC reported that the government has enacted a new plan to convert aviation tax payments into bitcoin and eventually convert it into dollars, thereby bypassing the US team's Venezuela sanctions.