President Nicolás Maduro proposes returning to ‘crypto path’
-
Loading... - Anneliese Volker
- 10 Sep 2024
- 47 Views
- 0 Like
- 0 Comment
Venezuelan President Nicolás Maduro has recently proposed a return to the "crypto path" for the country, despite a significant crackdown that previously halted its pro-crypto policies. Maduro suggested that the nation's progress in cryptocurrency had been undermined by corrupt elements, whom he referred to as "bandits and thieves."
During his tenure, Maduro and his administration had previously embraced cryptocurrency as a means to circumvent U.S.-led sanctions. This strategy included the launch of Venezuela's own oil-backed cryptocurrency, the Petro (PTR), as well as the creation of Sunacrip, a state-run agency responsible for overseeing crypto policies. Additionally, Venezuela promoted crypto mining and developed a state crypto-powered remittance platform called Patria.
Maduro's government also integrated crypto into trade, leveraging Bitcoin (BTC) and Ethereum (ETH) to facilitate transactions and bypass restrictions imposed by Western nations. However, earlier this year, the Venezuelan government suspended many of these initiatives, including Sunacrip and the Petro, following the exposure of a $21 billion crypto-related scandal.
Now, Maduro appears to be advocating for a revival of these crypto-related efforts, claiming that they could help strengthen the country's banking sector by diversifying its currency reserves. His proposal signals a potential shift back towards the use of cryptocurrency as a key component of Venezuela's economic strategy.
