Apparently, the U.S. Senate has a problem with Venezuela creating their own cryptocurrency. At least, according to Senator Bob Menendez of New Jersey. Some senators fear that Venezuela's proposed oil-backed crypto will allow the country to avoid crippling U.S. sanctions which have raised food prices and crippled the Venezuelan economy.
These types of sanctions are standard practice for the U.S. empire which seeks to marginalize any country which does not bow to U.S. interests. With Russia floating the same idea it's clear to see why American politicians might be getting nervous. Currently, most nations use the SWIFT banking system for large state and corporate transactions, although there are a few other payment options. When you hear in the news that the U.S. has placed sanctions on one country or another this usually means that the country has been "de-swifted", meaning they are restricted from making certain types of transactions via the SWIFT system.
This makes it obvious why U.S. lawmakers would be disconcerted by other countries adopting cryptocurrencies. Cryptos are (or at least can be), border-less, low cost, distributed, and immutable. These features make cryptocurrencies extremely difficult to regulate, and would make the current system of economic manipulation and domination impossible. This development has the potential to relieve the world of one of the most extortive aspects of the current economic regime.
So what do you guys think? Is this good thing or do the Senators have a point? Let's discuss in the comments.
