Venezuela President Nicolás Maduro claims the country will “use all the cryptocurrencies in the world” to bypass US 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 country’s central bank who claim that “payments to companies from allied countries such as Iran and Turkey have been made using Bitcoin.”
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 Nicolás Maduro's government has promoted its state-issued, purportedly oil-backed ‘Petro’ cryptocurrency as a means of exchange both internationally and domestically since launching the token in 2018.