How Venezuela is bypassing US Oil Restrictions With Cryptocurrency

Bitcoin Price, Bitcoin

The president of Venezuela, Nicolas Maduro recently has been looking at the world of digital currency to help circumvent U.S. led financial sanctions. As of Sunday, the president had announced a new “petro” backed currency that could help the collapsed economy within the country.

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The leader of the country did not state many specifics on the deal, or any information how the struggling OPEC member would be able to pull off such a large deal, so little hope is there for this to actually occur. he stated that “Venezuela will create a cryptocurrency backed by oil, gas, gold and diamond reserves.” During a five-hour showcase of Christmas songs and dancing, the president continued to fuel ideas for the public that this could potentially help their economy, but in the world of a failing country, anything is fair game.

He stated that this cryptocurrency would help to have Venezuela “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.”

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Those who are in opposition to the leadership stated that there is little congressional approval for this to occur, and reinstated the doubt that a cryptocurrency would ever see the light of day within the country’s borders. The bolivar, which is the real currency of the country, has been in freefall for quite some time now, and the country is still lacking basic necessities such as food and medicine.

The announcement comes at a time when the sanctions put by the U.S. President have been highlighted by the failure of the Venezuelan government. The country has been unable to move money through international banks because of this and it does not look like it will be getting better and the situation will improve, any time in the near future.


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