Venezuela is using cryptocurrencies to avoid US sanctions, local news outlet RunRun has reported.
The country's president Nicolás Maduro has said Venezuela "will use all the cryptos in the world" to avoid the sanctions imposed by the US.
As a result, the authorities are set to increase the use of BTC to pay for imports and bypass this way US sanctions. In particular, anonymous sources from the country's central bank claim the largest crypto by market cap is being used to make "payments to companies in allied countries such as Iran and Turkey."
Even though the products that are being paid for with Bitcoin have not been specified, Turkey and Iran usually provide food and fuel in exchange for gold.
It is curious that Venezuela is not using its national crypto, the Petro, allegedly backed by the country's oil reserves, to pay for these products. However, its low adoption both inside and outside the country has resulted in the authorities being forced to use other cryptos such as Bitcoin or Ether in their attempt to bypass US sanctions.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.