Venezuela uses bitcoin to get around sanctions

Jul 26, 2019

Venezuela has long attracted attention in the crypto world as they are the only country in the world that has its own state cryptocurrency, the petro.

Now come reports of even more cryptocurrency use in the government of the crisis-hit country, but this time it is not the petro but the world’s biggest cryptocurrency bitcoin.

Used to circumvent sanctions

President Nicolas Maduro has ordered the country’s airports to use an app to receive tax payments in bitcoin.

This is a way to circumvent US sanctions that would otherwise have made those payments impossible, Cointelegraph reports.

The question is whether this will lead to Venezuela giving up its petro entirely and investing in bitcoin instead.

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