Nicolas Maduro: government to launch a crypto-payment method to bypass sanctions

Posted 02 October, 2019

Venezuela uses cryptocurrency to circumvent US sanctions, said President Nicolas Maduro. During the televised press conference, he explained that this method will allow the use of a new tool for “free national and international payments,” which allows all citizens to make banking transactions.

“Donald Trump and his sanctions are blocking Venezuela from carrying out transactions in any of the world’s banks. There are other formulas to pay, and it’s what we’re using because our payment system works perfectly in China and Russia.” - said Maduro.

Last week, it was reported that Venezuela’s Central Bank is preparing to add the Bitcoin and Ethereum cryptocurrencies to the country's international reserves. Bank is running internal tests to determine whether it can hold cryptocurrencies in its reserves.

Recall that Venezuela has its own state cryptocurrency called Petro, which is supported by the country's oil reserves. Cryptocurrencies are popular among residents of Venezuela. The country regularly sets records in the volume of Bitcoin trading.

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