America’s geopolitical adversaries are banking on blockchain technology to help skirt sanctions and counter U.S financial power, according to a new report.

With cryptocurrencies being adopted with increasing speed, governments in Russia, China, Iran and Venezuela are experimenting with the technology that underpins the crypto market, the Foundation for Defense of Democracies (FDD) wrote in a comprehensive analysis released on Thursday.

“Blockchain technology may be the innovation that enables U.S. adversaries for the first time to operate entire economies outside the U.S.-led financial system,” the organization wrote. “These governments, therefore, are prioritizing blockchain technology as a key component of their efforts to counter U.S. financial power.” YAHOO