... money as a measure and store of value. In the former case—because their value is measured in fiat currencies (mainly the U.S. dollar), and in the latter case—because of their extreme volatility. In addition to the risk of rapid depreciation, cryptocurrencies are not immune to default and liquidity risks, as crypto services and exchanges may also be subject to sanctions. The same risks apply to stablecoins.
Overall, it should be recognized that the primary function of cryptocurrency is to serve as a speculative financial asset and a method of conducting financial transactions outside of government control. ...
... completely solve the problem, since US authorities may require reporting on bank transactions. This reporting on payments in national currencies can be used to put pressure on banks. If the financial institutions fail to provide it, they risk inviting sanctions. In other words, even if we assume that payments in national currencies will start working conditionally tomorrow, they will not provide banks with a final solution to the problem of secondary US sanctions. They will continue to exercise caution and “excessive compliance.” The risks of secondary sanctions also ...
...
The merits for accelerating and expanding the scope of NDB are not only inherent in the form of more elasticity for national currencies but also bringing Asia Pacific (China), Eurasia (Europe), India (Sub-Continent), Middle East or West Asia (Iran) Africa ... ... seems impossible until it’s done
.”
Bibliography
Horton S. Dennis Halliday on the deaths of Iraqi children due to American sanctions in the ’90s // The Libertarian Institute, URL:
https://libertarianinstitute.org/scotthortonshow/4-20-18-dennis-halliday-on-the-deaths-of-iraqi-children-due-to-american-sanctions-in-the-90s/
...
