Russian and Venezuelan governments talk about digital currencies, to be theoretically backed by countries' natural resources like oil, to sidestep sanctions
Glazyev: “We can settle payments with our business partners all over the world regardless of sanctions” Russia (crypto ruble) and Venezuela (Petro, backed by oil, gas, gold and diamonds) float plans to introduce virtual currencies to circumvent sanctions http://www.nytimes.com/..…
Venezuela and Russia have struggled under U.S. sanctions that make it hard for them to move money around the world. So where are they looking for help? Virtual currencies. http://www.nytimes.com/...