The Venezuelan government uses cryptocurrencies to circumvent the ban on international payments. This was announced by President Nicolas Maduro.
According to him, the new tools of the Ministry of Finance and the central bank will soon allow everyone to carry out banking operations and international payments, despite the sanctions from the United States.
“Venezuela is already working in the cryptocurrency world” – he stressed.
The President of Venezuela mentioned several countries where this system has already been implemented.
“Donald Trump and his sanctions block Venezuelan transactions in any of the world’s banks. But there are other payment schemes, as a result, our payment system works perfectly in China and Russia” – Maduro said.
It was previously revealed that Venezuelan President Nicolas Maduro can use tax fees and cryptocurrencies to circumvent economic sanctions.
In addition, it became known about the plans of the Venezuelan Central Bank to purchase Bitcoin and Ethereum to replenish reserves and conduct international transactions.
Cryptocurrencies are also popular among Venezuelan residents. In particular, the country regularly sets records in the volume of Bitcoin trading.