Nicolas Maduro would be using Bitcoin for payments to Turkey and Iran

Sources from the Central Bank of Venezuela and the Ministry of Finance confirm the use of cryptoactive.

Internal sources from the Central Bank of Venezuela and the Ministry of Finance reviewed and confirmed to a local newspaper this December 3rd, the use of Bitcoin that the Nicolás Maduro Administration is making for the payment of companies in countries such as Turkey and Iran.

According to the sources, Maduro’s Administration has been using as a legal basis for these transactions the „Anti-Blocking Law“, which as mentioned previously in Cointelegraph, is a legal body that contemplated the use of „all crypto currencies“ to evade the sanctions that the United States has imposed against Maduro himself, his cabinet and various state companies.

On the other hand, a source from the Ministry of Finance also confirmed to the local media that Nicolás Maduro’s administration has been „thinking“ about Bitcoin mining as an alternative source of income in view of the need that is becoming tangible both at the top of the power structure and in the day-to-day life of the Venezuelan people.

Venezuelan Government launches new crypto currency exchange house to acquire Petros

In fact, beyond planning, the Venezuelan Army itself has already begun operations of crypto-mining, as we mentioned earlier in Cointelegraph, to guarantee that this military arm obtains „unblockable income“, as they came to mention at the time.

Use of crypto currencies to avoid sanctions

This would not be the first time that the Nicolás Maduro Administration would be evaluating the use of cryptomonies to evade the sanctions that have been established against them. We previously reported in Cointelegraph that sources from the Central Bank of Venezuela came to confirm that the entity was considering using Bitcoin and Ether as part of its international reserves, as well as using them for the payment of obligations of state companies to their foreign clients.

On the other hand, various people close to the Petro project, the state digital currency issued by the Maduro Administration, confirmed that the currency had been used for payments for commercial activities between allied countries.

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