coinputin.com – Venezuela’s ruling Nicolás Maduro administration allegedly began paying companies in Turkey and Iran with Bitcoin (BTC).
Spanish site RunRun.es according to a report,” sources at the Central Bank of Venezuela “stated that” payments to companies from allied countries such as Iran and Turkey were made using Bitcoin.”
Developing its own cryptocurrency, the country found itself in a deepening financial crisis as American sanctions and a Coronavirus outbreak damaged Venezuela’s economy. Maduro, however, is conducting a series of studies to circumvent the sanctions. Bitcoin is being used to circumvent these sanctions, according to Central Bank sources.
Act with anti-blockade law
The same sources noted that President Maduro used the anti-blockade law, which allows the Venezuelan administration to create and implement all kinds of financial mechanisms “including cryptocurrencies” for payments. However, the most important helper of these resources is blockchain-based assets.
Earlier this year, Venezuela’s vice president and Economy Minister, Tareck El Aissami, state and other crypto coins including a token that is supported by the international petro more popular and loans announced that it will create a system of farm subsidies.
Strong Against Sanctions
The United States Office of Foreign Assets Control has blacklisted relevant members of Maduro’s government and shut down most services of financial institutions that facilitate transactions in the global economy. But cryptocurrencies go through e-wallets and exchanges, where sanctions have little or no impact. That’s why he’s very strong against sanctions.
Venezuelan central bank sources say payments to companies from allied countries such as Iran or Turkey are made with Bitcoin, and the “anti-blockade law”strengthens the legal ground for these transactions.