Venezuela Expected to Continue Using Crypto to Evade New US Sanctions
Venezuela is likely to continue using cryptocurrency to bypass new U.S. sanctions on its oil and gold sectors. According to dissidents and crypto analysts.
Despite recent corruption scandals involving crypto, watchers believe these digital assets will still be used to divert funds from traditional channels. The Biden administration reimposed sanctions in May, citing unfulfilled agreements by Maduro’s government to ensure fair presidential elections. Andrew Fierman from Chainalysis confirmed that regimes under sanctions often use various methods, including crypto, to evade restrictions.
Although Venezuelan authorities halted bitcoin mining due to a corruption case, crypto remains a key tool for evading sanctions. The state oil company, PDVSA, is shifting more transactions to be paid in USDT. However, data on seized crypto transactions linked to these activities remains unavailable.
Clever Robot News Desk 18th June 2024
