Possibilities of Maduro Regime Using State-Owned Crypto Exchange for Money Laundering

Possibilities of Maduro Regime Using State-Owned Crypto Exchange for Money Laundering

Crypto News News
September 24, 2020 by Elias Powell
302
In recent years the state of Venezuela has been a victim of some of the worst economic crises. These economic crises are considered to be the worst in the history of Venezuela. In the past year, the Bolivar, which is the local currency of Venezuela has observed hyperinflation and as a result of the situation
Possibilities of Maduro Regime Using State-Owned Crypto Exchange for Money Laundering

In recent years the state of Venezuela has been a victim of some of the worst economic crises. These economic crises are considered to be the worst in the history of Venezuela. In the past year, the Bolivar, which is the local currency of Venezuela has observed hyperinflation and as a result of the situation worsening in the last year, the Venezuelan currency has lost almost all its worth.

In this time of need when the entire Venezuelan population is being tortured by the inflation, the adoption of the cryptocurrency and blockchain industry/technology seems like the only option for the Venezuelan economy and the population to make a comeback and keep the wheels of their economy rolling.

With so much going in the Venezuelan economic facing the worst dips in its history, the Venezuelan Government is seen to be making full use of this opportunity and after the havoc run by the pandemic for more than 6 months in the entire world, they have started fueling the idea of the entire Venezuelan population and financial sectors to adopt the cryptocurrency/blockchain technology. To help the Venezuelan economic structure, finance sectors, and the population to get back on their feet, the Venezuelan Government launched a cryptocurrency that is known by the name Petro.

As per the Venezuelan economic and finance ministry, Petro was launched to help control the situation of poverty in the country and ensure the mitigation of poor economy and get rid of any policies or conditions that show an adverse outcome in uplifting the Venezuelan economy.

However, the Venezuelan Government had to take yet another below from the foreign interference when the President of the United States of America, Donald Trump, prohibited any type of transactions to be processed through the cryptocurrency platform, which also included the Venezuelan-backed cryptocurrency, Petro. The reason behind America prohibiting cryptocurrency transactions was because of the allegations, which involved cryptocurrencies being used as a way get away from US sanctions.

With reference to the above, even the current Venezuelan President, Nicolas Maduro is said to be OFAC-sanctioned and the reason behind this include human right abuse and corruption.

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