Venezuela to Adopt Cryptocurrency to Bypass International Sanctions Imposed By U.S.

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 Petroleos: For many people, Cryptocurrencies are a way through which they can circumvent the restrictions put in place by traditional monetary systems. The nature of digital assets allows them to bypass many of the obstacles that are presented by conventional financial setups. Through Bitcoin and other crypto assets, one can make private and untraceable transactions if they are restricted in any way by traditional systems. Latest reports coming out of Venezuela suggest that the country’s central bank may be looking to invest in Cryptocurrency in a bid to avoid international sanctions.

Latest reports coming out of Venezuela suggest that the country’s central bank may be looking to invest in Cryptocurrency in a bid to avoid international sanctions.

Image Source: assets.bwbx.io

The country’s state-owned oil company, Petroleos de Venezuela SA is currently facing restrictions in its business due to international sanctions, and Venezuela’s central bank sees Cryptocurrency as a means through which they can rescue the company from the shackles of the sanctions. The state-run enterprise reportedly already holds a significant amount of crypto assets, including Bitcoin and Ethereum. The use of Cryptocurrency in conducting its business would allow the company to escape the sanctions imposed on any dollar-linked international transactions between the entity and its clients. If Petroleos and the central bank succeed in the endeavour to employ Cryptocurrency, it could lead to the broader use of this asset class in the country.

If the country could boost its reserves, and an economy that has been stagnant for a while could soon be in motion again.

Image Source: news.bitcoin.com

If the country could boost its reserves, and an economy that has been stagnant for a while could soon be in motion again. It is not entirely clear how the state-owned oil company got a hold of the vast amount of Cryptocurrency in its possession. Cryptocurrencies are secretive by nature, and it is nearly impossible to trace the origins of the Cryptocurrencies held by anyone. Over the years, several crypto exchanges have reported being hacked and losing some of the currency held on their platform. The growing interest in Cryptocurrencies from the governments of North Korea and Venezuela could be linked to the increased number of exchange hacks.

Source: Inside Bitcoins


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