Venezuela to expand use of cryptocurrencies to bypass sanctions

President Nicolás Maduro presented a government-drafted bill aimed at countering sanctions. It expands the use of cryptocurrencies.

#EnVivo 📹 | Entregamos a la Plenipotenciaria Asamblea Nacional Constituyente, el Proyecto de Ley Constituyente Antibloqueo.https://t.co/wep591jlKj

— Nicolás Maduro (@NicolasMaduro) September 29, 2020

According to Maduro, the document is aimed at encouraging the use of both the national digital currency El Petro and other cryptocurrencies in domestic and international trade.

It is expected to help Venezuela cope with the consequences of U.S. sanctions and contribute to economic recovery.

The document is to be considered by the Constitutional Assembly.

Earlier, Maduro said that the Venezuelan government uses cryptocurrencies ‘for free national and international payments’.

In September 2020, the Venezuelan authorities legalized mining, obliging miners to obtain a license and join the ‘national pool’.

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