HomeCoinsBitcoin (BTC)Maduro claims crypto will play role in fighting sanctions against Venezuela

Maduro claims crypto will play role in fighting sanctions against Venezuela

- Advertisement -

Maduro claims crypto will play role in fighting sanctions against

The President of Venezuela Nicolas Maduro says that the country’s government is now looking at diverse cryptocurrencies as a potential way of avoiding sanctions.

On Sept. 29, Maduro presented a new bill that intends to help the country overcome the impact of United States’ sanctions. 

As part of the bill, Venezuela will study the possibility of using various cryptocurrencies in both domestic and foreign trade. Maduro claimed that the new anti-sanctions bill involves both private and state-backed crypto initiatives like Venezuela’s oil-pegged cryptocurrency, the Petro:

The anti-sanctions bill is the first response […] to give new strength to the use of Petro and other cryptocurrencies, national and global, in domestic and foreign trade, so that all cryptocurrencies of the world, state and private, could be used. This is an important project that is under development.”

According to online reports, the new bill is now being reviewed by Venezuela’s legislative body, the National Constituent Assembly.

The latest news apparently demonstrates that Venezuela’s crypto interest is not limited to the country’s national cryptocurrency Petro, which has been positioned as a major tool to evade U.S. sanctions.

Maduro’s new claims come shortly after Venezuela’s government issued an official regulatory framework for mining of cryptocurrencies like Bitcoin (BTC). On Sept. 23, Venezuela’s National Superintendency of Crypto Assets and Related Activities issued the first decree to regulate all crypto mining activities, outlining specific requirements for miners like an obligation to join the so-called “national mining pool.”

As Cointelegraph previously reported, Maduro used to support no cryptos other than the state Petro.

In late 2019, Maduro announced that the country’s retirees and pensioners will be paid their Christmas bonuses in Petro. The Venezuelan government reportedly turned pensioners’ monthly bonus into the Petro in late 2018.

Officially rolled out in February 2018, the Petro became the world’s first national oil-baked cryptocurrency. The coin is purportedly designed to attract foreign investment as well as avoid sanctions by the U.S. government. However, the token is not available for purchase anywhere outside of Venezuela.

First published here

- Advertisement -
profile logo 500x500
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,496FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 41,115.00
ethereum
Ethereum (ETH) $ 2,802.16
tether
Tether (USDT) $ 0.996971
bitcoin-cash
Bitcoin Cash (BCH) $ 493.64
litecoin
Litecoin (LTC) $ 145.22
eos
EOS (EOS) $ 3.92
okb
OKB (OKB) $ 14.09
tezos
Tezos (XTZ) $ 6.00
leo-token
LEO Token (LEO) $ 2.97
cardano
Cardano (ADA) $ 2.19
monero
Monero (XMR) $ 227.41
stellar
Stellar (XLM) $ 0.271813
chainlink
Chainlink (LINK) $ 22.06
huobi-token
Huobi Token (HT) $ 9.75
tron
TRON (TRX) $ 0.090553
usd-coin
USD Coin (USDC) $ 0.997915
dash
Dash (DASH) $ 161.72
neo
NEO (NEO) $ 38.39
iota
IOTA (MIOTA) $ 1.22
nem
NEM (XEM) $ 0.145918
zcash
Zcash (ZEC) $ 107.57
maker
Maker (MKR) $ 2,231.46
paxos-standard
Pax Dollar (USDP) $ 0.994022
ethereum-classic
Ethereum Classic (ETC) $ 45.03
vechain
VeChain (VET) $ 0.090987
true-usd
TrueUSD (TUSD) $ 0.995738
ftx-token
FTX Token (FTT) $ 50.27
kucoin-shares
KuCoin Token (KCS) $ 9.97
waves
Waves (WAVES) $ 24.81