Internal sources from the Central Bank of Venezuela and the Treasury Department checked and confirmed this to a local newspaper on December 3rd Using Bitcoin, which the Nicolás Maduro Administration is running, to pay companies in countries like Turkey and Iran.
As noted by the sources, the Maduro administration has used the “anti-blockade law” as the legal basis for these transactions which, as noted in Cointelegraph, is a legal entity that has been considering it Using “all cryptocurrencies” to evade the sanctions the United States has imposed on Maduro himself, his cabinet and various state-owned companies.
On the other hand, a source from the Treasury Department also confirmed this to the local media The Nicolás Maduro administration has considered Bitcoin mining as an alternative source of income, as the need is felt both in the dome of power and in the daily life of Venezuelans.
In fact, beyond planning, the Venezuelan army has started cryptocurrency mining operations, as we mentioned earlier in Cointelegraph guarantee that this military arm will generate “unblockable income,” as they mentioned at the time.
Using cryptocurrencies to circumvent sanctions
This would not be the first time that the Nicolás Maduro government is evaluating the use of cryptocurrencies in order to evade the sanctions imposed on him. We previously reported on Cointelegraph that sources from the Central Bank of Venezuela confirmed that the company is considering using Bitcoin and Ether as part of its international reserves.as well as their use for the payment of obligations of state companies to their foreign customers.
On the other hand, various people are standing near the Petro project, the state digital currency issued by the Maduro administration, They confirmed that the currency was used to make payments for commercial activities between allied countries.