Russia secretly helped Venezuela launch cryptocurrency to evade US sanctions
http://amp.timeinc.net/time/5206835/exclusive-russia-petro-venezuela-cryptocurrency?__twitter_impression=true
"Pesident Donald Trump may not have realized on Monday that his executive order would step on Russias toes. Its official target was Venezuela, specifically the countrys plan to create the worlds first state-backed cryptocurrency, the petro, which went on sale Tuesday.
But behind the scenes, the petro was in fact a collaborationa half-hidden joint venture between Venezuelan and Russian officials and businessmen, whose aim was to erode the power of U.S. sanctions, sources familiar with the effort told TIME.
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Putins advisers have been more open about their ultimate aim: The reign of the dollar must end, Andrei Kostin, the head of state-controlled VTB, Russias second-largest bank, said in a speech last month in Moscow, calling on Russia to promote other currencies for use in international trade. This whip that the Americans use in the form of the dollar would then, to a great extent, not have such a serious impact on the global financial system.
While not as ambitious as the Russian attempt in 2016 to influence the U.S. presidential election, the Kremlins move into cryptocurrencies reveals another layer of ingenuity in its struggle against what Putins advisers have called the U.S. hegemony in global affairs. The use of cryptocurrencies could, at least in theory, hurt the U.S. ability to control the flow of money in and out of sanctioned countries, thus chipping away at one of most powerful means of U.S. influence around the world."
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