Venezuela and Russia both have economies that are heavily dependent on the price of oil. Both countries are dealing with economic sanctions imposed by the United States. And in the past few days, both countries began moving forward with an official state cryptocurrency. Neither of offering sounds like it should be taken seriously.
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Bitcoin managed to set a new price record on Sunday, briefly hitting $US11,826 ($15,569) per coin. And governments around the world are taking note of the boom in divergent ways. In the European Union, a new plan is expected to regulate cryptocurrencies under the same anti-money laundering laws as fiat money. It's expected to take effect sometime next year.