Stunning claim: Venezuela paid for products it imported from Turkey with Bitcoin
Coinputin.com – RunRun.es according to a research report published by Venezuela, it plans to increase the use of Bitcoin (BTC) for import payments in order to circumvent financial sanctions imposed by the United States.
Founded by Venezuelan investigative journalist Nelson Bocaranda RunRun.es he cited anonymous sources from the country’s central bank who claimed that “payments to companies from allied countries such as Iran and Turkey were made using Bitcoin.”
It is unclear what those imports are, but Turkey and Iran are now allegedly providing the country with food and fuel in exchange for gold.
Venezuela, Bitcoin and cryptocurrencies
Since launching the token in 2018, the government of Venezuelan President Nicolas Maduro has introduced the state-issued oil-backed ‘Petro’ cryptocurrency as a means of exchange both internationally and domestically.
However, Petro’s poor adoption forced the regime to explore other crypto assets, including Bitcoin and Ethereum.
Maduro publicly warned in September of the use of Bitcoin and other crypto assets as a way to circumvent sanctions, claiming his administration will soon “use all cryptocurrencies, public, state or private, for domestic and foreign trade.”
Venezuela’s National Assembly on 8 October, the presence of crypto as a tool to allow the creation or use of any monetary; including giving more executive powers to overcome the siege of sanctions against the country passed the law.
Venezuela’s government has increased the country’s dependence on cryptocurrencies; in November it established a Bitcoin mining repository, the “Digital Assets Production Center”.
Last week, Venezuela’s government launched the cryptocurrency exchange, backed by the National Cryptocurrency watchdog, to allow citizens to exchange their bolivars for Bitcoin.
Iran has also introduced a proposed law to use Bitcoin to pay for imports, in a bid to ease pressure on the country’s already fragile economy.