Nicolas Maduro confirms that Venezuela bypasses US sanctions with cryptocurrencies

The Venezuelan government uses cryptocurrencies “for free national and international payments,” Bloomberg reports citing President Nicolas Maduro.

According to Maduro, the new tools of the Ministry of Finance and the central bank will soon allow everyone to carry out banking operations, including international payments.

“Venezuela is already working in the cryptocurrency world,” Maduro summed up.

Last week, it became known that the country's central bank is exploring the possibility of including Bitcoin and Ethereum in its reserves. The idea was put forward by the state oil and gas company Petroleos de Venezuela SA (PDVSA).

“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 , ”said Maduro.

Earlier it became known that Venezuela avoids US sanctions by converting airport fees to Bitcoin. The scheme involves partners from China, Russia and Hungary.

Read more about the economic situation in Venezuela here.

Oil, poverty, bitcoin: how the Venezuelan economy collapsed and what it led to

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