US government will financially aid Venezuelan opposition led by Juan Guaido with the help of stablecoin issuer Circle.
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According to an official announcement, wages paid to healthcare workers "evaporate quickly" due to hyperinflation triggered by Nicolás Maduro's"disastrous policies."
"The result is a situation where patients too are starving, driving more compromised immunity, lack of treatment and death," Circle says.
Through a collaboration with the US-based fintech company Airtm and the US government, Circle will financially support Venezuelans "to bypass the controls imposed by Maduro." Circle says after Maduro seized power in Venezuela in January 2019, the US Treasury Department imposed sanctions on the Maduro regime, allowing the US watchdogs to seize assets that were intended to be used by Maduro or his government.
The seized funds, according to Circle, will be transferred to the Guaidó government's account at a US bank. The Guaidó government can then use the assets to create the USD Coin (USDC) stablecoin. The generated stablecoins will then be sent to the Airtm payment platform, which provides digital dollar payments across North, Central and South America.
However, Maduro is also trying to keep up with the digital trends as in April 2020 he announced that he had decided to carry out an airdrop of the national crypto called Petro, supposedly backed by a barrel of oil, in order to support the country's health system.
iHodl earlier reported that an open-source decentralized protocol Stellar will add support for the USD Coin (USDC) stablecoin in the first quarter of 2021.
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