State Adoption of Cryptocurrency: a Case Study Analysis of Iran, Russia, and Venezuela

Abstract

The emergence of digital currency is becoming prevalent in the age of globalization – specifically, cryptocurrencies, a subset of digital currency that encompass revolutionary technology. This study postulates that certain governments are more prone to adopting cryptocurrencies, especially those seeking to eschew international sanctions and protect corrupt practices. Three comparative case studies focus on countries (Iran, Russia, and Venezuela) that share attributes that result in adopting what has been called “native cryptocurrencies”: corruption, GDP level, economic volatility, and Western sanctions. KEYWORDS: Cryptocurrency; Blockchain; Political Science; Law; Foreign Sanctions; Government; Iran; Russia; Venezuela