Venezuelan President Nicolás Maduro has expressed his belief that his nation must re-embrace the "crypto path," following a recent crackdown that halted years of pro-crypto policies. In a meeting with senior Venezuelan banking and securities executives, Maduro attributed the derailment of crypto progress in Venezuela to "bandits and thieves," highlighting his intention to fortify the banking sector with a "basket of multiple currencies."
crypto-policy-was-hijacked-by-bandits">Maduro: Venezuela’s crypto Policy Was Hijacked by ‘Bandits’
Reports from Criptonoticias indicate that Maduro underscored the resurgence of the cryptocurrency industry in his political agenda. He proposed the creation of multi-currency-based systems and emphasized the importance of re-engaging with the world of cryptocurrencies, stating, "We started down that path and we must get back on it."
The Downfall of the Venezuelan State-run Cryptoasset
Maduro's administration previously led initiatives that included the introduction of the Petro (PTR), an oil-backed crypto asset, and the establishment of Sunacrip, a state-run agency overseeing crypto policies. Additionally, the government launched Patria, a state crypto-driven remittance platform, endorsed crypto mining, and even deployed Venezuelan army engineering units to mine BTC tokens for state revenue.
However, the implementation of these policies came to a halt when Maduro cracked down on a $21 billion crypto "plot" involving the state-owned oil and natural gas company, Petróleos de Venezuela (PDVSA). The President accused officials of siphoning off tremendous amounts of crypto used in international oil sales, leading to the dismantling of various crypto-related projects.
crypto-adoption-ended-by-plot">Maduro: Venezuela crypto Adoption Ended by Plot
Maduro lamented the disruption caused by the crypto "plot," asserting that it steered Venezuela away from the crypto path. Recent contested elections have further strained relations with global entities like the US and the EU, as accusations of election tampering continue to circulate.
Despite these challenges, Maduro persists in his commitment to revisiting crypto policies, aligning with similar moves from allies in Moscow and Tehran. While the international trade landscape remains uncertain, the use of cryptocurrencies as a tool for trade transactions is gaining traction among various nations, including Venezuela.
crypto">Caracas, Moscow, Tehran All Turning to crypto?
The renewed interest in crypto from leaders like Putin and ongoing adoption in trade sectors in Iran hint at a potential shift towards utilizing cryptocurrencies in cross-border transactions. As Maduro seeks to revive Venezuela's crypto initiatives, the global landscape of digital assets continues to evolve, presenting new opportunities for trade and financial inclusion.
