You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Venezuela’s President Maduro Might Use Crypto to Evade Recent Sanctions, Critics Allege

Critics allege that Venezuela’s President Nicolás Maduro and his administration are exploring avenues to sidestep recent US sanctions using cryptocurrency.

Venezuelan crypto activists report that the government, under President Maduro’s leadership, has been contemplating various strategies to evade sanctions imposed by the US.

Andrew Fierman, head of national security intelligence at Chainalysis, stated to Bloomberg, “When you’re dealing with sanctioned regimes, they typically explore multiple methods to circumvent those sanctions.” He added, “The Venezuelan government and the Maduro regime have utilized a wide range of tactics over the years.”

Recently, the United States re-imposed sanctions on Venezuela, including bans on oil and gold transactions, effective May 31. These measures were in response to the Venezuelan government’s perceived disregard for democratic principles in advance of upcoming elections in July.

Moreover, a report from the Wilson Center released in April, authored by Leopoldo López and Kristofer Doucette of Chainalysis, highlights the government’s extensive history of leveraging cryptocurrencies to evade US sanctions. The authors call for key governments to enforce existing restrictions rigorously to prevent the Maduro regime from exploiting digital currencies.

Venezuela’s Crypto Records

“In 2018, President Maduro proclaimed during the national launch of Venezuela’s oil-backed cryptocurrency token ‘Petro,’ ‘Today, a cryptocurrency is being born that can take on Superman,’ as a hopeful solution to pull the country out of economic turmoil.

However, on January 15, 2024, Venezuela discontinued Petro operations due to its failure to achieve widespread adoption during its existence.

Critics of digital currencies cite Venezuela as a prominent example of how they can facilitate illicit activities such as money laundering and corruption,” noted the Wilson Center report.

“Now more than ever, democratic governments must take decisive action to counter Maduro’s efforts to exploit cryptocurrency for transferring illicit funds into the global financial system.”

Other autocratic regimes under international sanctions, such as those in Iran and Russia, have similarly launched crypto-related initiatives to evade sanctions.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024By
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024By
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024By

Latest news

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024
Bitcoin Mining Firm CleanSpark Acquires GRIID in $155M Stock Deal
28.06.2024
Elastos Partners With BEVM to Launch Bitcoin P2P Loans, Targeting $1.3T in Dormant Value
28.06.2024
Coinbase Files Lawsuits Against SEC, FDIC Over FOIA Request
27.06.2024
UK Watchdog Boosts Crypto Division to 100 Staff Members
27.06.2024
Hong Kong Government Explores DeFi and Metaverse to Boost Fintech Dominance
27.06.2024
Spot Ether ETFs May Receive US Approval by July 4: Report
27.06.2024
Bitcoin ETFs See Inflows for Second Consecutive Day as BTC Holds Steady at $60K
27.06.2024