Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Venezuela President NicolĂĄs Maduro claims the country will âuse all the cryptocurrencies in the worldâ to bypass U.S. sanctions.
According to an investigative report from RunRun.es, Venezuela intends to increase its use of Bitcoin to pay for imports to bypass financial sanctions imposed by the United States.
RunRun.es, which was founded by Venezuelan investigative journalist Nelson Bocaranda, cited anonymous sources from the countryâs central bank who claim that âpayments to companies from allied countries such as Iran and Turkey have been made using Bitcoin.â
It is unclear, what these imports consist of, however, Turkey and Iran currently provide the country food and fuel in exchange for gold.
Venezuela President NicolĂĄs Maduro's government has promoted its state-issued, purportedly oil-backed âPetroâ cryptocurrency as a means of exchange both internationally and domestically since launching the token in 2018. However poor adoption of the Petro has forced the regime to explore other crypto assets including Bitcoin and Ethereum.
Maduro began to publicly threaten the use of Bitcoin and other crypto assets as a means to bypass sanctions in September, proclaiming his administration would soon âuse all the cryptocurrencies in the world, public, state, or private, for internal and external trade.â
On Oct. 8, Venezuelaâs National Assembly passed the Anti-Blockade Law, granting further executive powers to circumvent sanctions imposed on the country, including to authorize the creation or use of any crypto asset as a monetary instrument.
The Venezuelan government established its âDigital Assets Production Centerâ, a Bitcoin mining warehouse in November, as the country increased its reliance on cryptocurrencies.
Last week the Venezuelan government launched its cryptocurrency exchange, backed by the National Cryptoactive Superintendency, to allow citizens to exchange Bolivars for Bitcoin.
Iran has also put into action a law to use Bitcoin to pay for imports, in an effort to reduce pressure on the countryâs already fragile economy.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.