Newly re-elected President Nicolas Maduro wants to refocus his country on the “crypto path” after the PDVSA scandal and the failure of the Petro (PTR). What does he plan for Venezuela?
Nicolas Maduro wants to promote cryptocurrencies in Venezuela
Nicolas Maduro has just been re-elected in his country, and he met with representatives of the banking sector last week. As part of his speech, he mentioned his wish to dedicate himself again to cryptocurrencies.. According to him, the failure of the country's blockchain initiatives is partly due to the PDVSA scandal:
“Let's talk about cryptocurrencies. We had advanced on this path and we have to go back, because a group of bandits and thieves destroyed our crypto path, but we will find it again.»
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The Venezuelan president refers to the case that led to the arrest of the former Minister of Economy and other former leaders. The latter allegedly laundered money through cryptocurrencies, relying on the state oil company, PDVSA..
The alleged facts allegedly led to the embezzlement of several billion dollars in cryptocurrencies. Originally, The latter were used to sell Venezuelan oilin particular to avoid American sanctions. This is the initiative that the President of Venezuela seems to want to take up again.
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A very mixed record for the country's historic crypto initiatives
Nicolas Maduro did not mention Petro (PTR), the government cryptocurrency project initiated in 2018. Supposed to be backed by barrels of crude oil, the crypto had been a bitter failure: it had not been adopted by Venezuelans.
Nicolas Maduro has been in a precarious situation since mid-summer, with many international actors accusing him of massive fraud to win the presidential election. Moreover, A plane belonging to him was seized earlier this week by the US authorities, who accuse him of violating economic sanctions..
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The use of cryptocurrencies can therefore be considered as an alternative means of financing for the Venezuelan president.The latter is also one of the most vocal defenders of the de-dollarization process, which he considers to be “inevitable“.
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Source: Nicolas Maduro via YouTube
Image: Eneas of Troya via Wikimedia Commons (CC BY)
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A journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance, analyzing how news from this sector influences the cryptocurrency sector, offering a unique and informed perspective to Cryptoast readers.
Marine Debelloir
3122 articles
