Venezuela to Expand Crypto Use to Avoid Sanctions
Main page News, Venezuela, Cryptocurrency
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Sept. 30, 2020

Venezuela's government has just presented a bill aimed at expanding the use of cryptocurrencies in domestic and foreign trade. The president of the country, Nicolás Maduro, has said the measure will lead to a wider distribution of all cryptos, both public (including Petro) and private.

This is expected to help Venezuela deal with the impact of US sanctions on the country's economy and contribute to its economic recovery.

The document has been sent for study to the Constituent Assembly.

It has recently been known Venezuela has created a national mining pool. According to the new legislation, all companies and individuals involved in crypto mining must apply for a special license and register in a national registry. The measure also applies to data centers and ASIC devices makers.

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