Tag Archives: Venezuela

María Corina Machado, a leading figure in Venezuela’s opposition, has proposed a plan to adopt Bitcoin (BTC) as a national reserve asset. In an interview with Alex Gladstein from the Human Rights Foundation on Thursday, she called the cryptocurrency a “lifeline” and a “vital means of resistance” against the country’s economic collapse. Bitcoin as a National Reserve Asset Her proposal seeks to address Venezuela’s inflation and financial instability, which she attributes to...

Venezuelan political critics and activists have warned that President Nicolás Maduro and his government are increasingly turning to cryptocurrency transactions as a method to evade international sanctions. This follows the U.S. reinstating gold and oil sanctions recently, following Maduro’s failure to honor an agreement to ensure fair elections scheduled for July. Critics Urge for Stricter Sanctions For nearly two decades, the U.S. has imposed targeted sanctions on Venezuela,...

Tether has announced that all wallets associated with Venezuela’s attempts to bypass U.S. sanctions on oil exports will be frozen. The decision follows recent reports indicating an increased use of Tether’s USDT by Venezuela’s state-run oil company, PDVSA, to avoid sanctions imposed by the United States. Venezuela’s PDVSA Turns to Tether Amid Sanctions According to a Reuters report, Venezuela’s state-run oil company, PDVSA, transitioned to using Tether’s USDT after facing...

Venezuela’s state-owned oil and gas company PDVSA is reportedly planning to speed up its use of crypto, particularly USDT, the largest stablecoin by market capitalization, to circumvent US sanctions. The Venezuelan oil company gradually started integrating USDT for oil sales in 2023, and reportedly has a new policy in place mandating new customers to have a digital wallet holding cryptocurrency. Venezuela Turning to USDT for Oil Exports According to Reuters, PDVSA’s intention...

The relationship between Venezuela and crypto has always been a bit wonky, and this month is no exception. The arrest of the nation’s superintendent of crypto assets Joselit Ramirez has caused a huge uproar in the nation, and President Nicolas Maduro has ordered the region to completely upend its digital currency regulatory agency. Venezuela Is Acting Fishy Regarding Crypto Right now, it is widely rumored that all the crypto exchanges that have been established in...

The authorities of Venezuela have reportedly urged local bitcoin miners to temporarily halt operations while inspecting a major corruption scheme that could have drained up to $20 billion. People who are part of President Maduro’s inner cycle are suspected of orchestrating the crime that involved the national oil and gas company – Petróleos de Venezuela. Pausing Crypto Activities During the Investigation According to a Forbes coverage, large-scale BTC miners in Venezuela will...

Bitcoin befindet sich in Brasilien auf dem Vormarsch. Auch in anderen südamerikanischen Ländern erfreuen sich Kryptowährungen zunehmender Beliebtheit. So wurden Kryptowährungen Ende 2022 als Zahlungsmittel in Brasilien legalisiert. Für viele stellt dies einen grossen Schritt dar, wenngleich es nicht zu verwechseln ist mit der Einführung von Bitcoin als offizielle Währung, wie es beispielsweise in El Salvador der Fall ist, wo Händler sogar dazu verpflichtet sind, Bitcoin als Zahlungsmittel...

On October 19, the United States Department of Justice (DOJ) accused two Venezuelan citizens and five Russians of using cryptocurrencies to launder money for Russian oligarchs by selling oil barrels from sanctions-hit Venezuela. According to the press release, the defendants smuggled millions of barrels of oil to Russia and China, laundering “tens of millions of dollars.” They used crypto to launder part of the funds . Among the Russian defendants are Yury Orekhov, Artem Uss...

The South American nation has seen economic struggles for years, whether prompted by hyperinflation or simply low salaries. Now, though, the president – Nicolas Maduro – announced a positive development for the locals in the form of an 18-fold increase in the monthly minimum wage. 18x Salary Increase Due to the Petro Long before El Salvador legalized bitcoin, Venezuela already had a compelling history with the cryptocurrency industry. At one point, it was among the most...

Simón Bolivar International Airport, also known as Maiquetía, plans to enable customers to purchase airline tickets using digital assets. according to a recent report. Bitcoin Could Take You in The Air Local news media reported recently that Maiquetía International Airport could soon jump on the cryptocurrency bandwagon by allowing clients to pay for tickets and other services in Bitcoin, Dash, and Petro – a digital asset issued by the Venezuelan government. Freddy Borges –...