A new report by the American Foundation for Defense of Democracies (FDD) says the US’ geopolitical adversaries are deploying blockchain technology to help avoid sanctions and counter US financial power.

According to the FDD, with the increase of adoption of cryptocurrencies around the world, efforts are underway to build new systems for transferring value that work outside of conventional banking infrastructure.

Governments in Russia, China, Iran, and Venezuela are experimenting with the technology that underpins the crypto market, said the report. They are prioritizing blockchain technology as a “key component of their efforts to counter US financial power.” (RT)