With crypto prices still sky-high, it seems that Venezuela’s ruling Nicolás Maduro government has been looking to make a harvest.
Concurrently, the sun shines – and is already starting to pay companies in Turkey and Iran in bitcoin (BTC), making use of a large state-owned stash of BTC and ethereum (ETH), with crypto prices still rising.
As claimed by the report from Spanish publication RunRun.es, unnamed “sources at the Central Bank of Venezuela” have stated that,
“Payments to companies from allied countries such as Iran and Turkey have been made using bitcoin.”
The nation, which has developed its cryptoasset, the ‘Petro‘ was, according to the reports backed by unbarrelled oil reserves – has found itself in a deepening financial crisis as a combination of American sanctions and the coronavirus pandemic have taken their toll on the Venezuelan economy.
A point to consider is that Maduro seems to have authorized a range of crypto business channels to circumvent penalties – and if the Central Bank is to be understood, there is now no deficiency of takers of Venezuelan BTC in the international community.
The same references asserted that President Maduro is obtaining use of its recently passed “Anti-Blockade Law,” a piece of legislation that allows the Venezuelan executive to authorize “the creation and implementation of any kind of financial mechanism” for payments, including “cryptoassets and tokens based on blockchain technology.“
Earlier this year, Tareck El Aissami, the Venezuelan Vice President and Minister of the Economy, announced that the state would begin creating a system of farm subsidies and loans backed by a “basket” of cryptoassets, including the petro and other more popular international tokens.
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