Maduro: ‘Venezuela Needs to Reembrace Cryptocurrency’

Venezuelan President Nicolás Maduro has asserted that his country needs to return to the “crypto path,” just months following a crackdown that halted years of pro-crypto initiatives.

He stated that “bandits and thieves” had obstructed the advancement of cryptocurrency in Venezuela. Furthermore, he mentioned that he would support the banking sector with a “basket of multiple currencies.”

Maduro: Venezuela’s Crypto Policy Was Hijacked by ‘Bandits’

The media outlet Criptonoticias reported that Maduro expressed these views during a meeting with high-ranking Venezuelan banking and securities officials.

Maduro reportedly took this chance to “indicate” that the “cryptocurrency industry” is “once again on his political agenda.”

“The systems that will be established are based on multiple currencies, with baskets of currencies. And that’s not to overlook the realm of cryptocurrencies. We began down that path and we must return to it.”

Nicolás Maduro

Nicolás Maduro addresses Venezuelan banking and securities executives. (Source: Venezuelan state TV/Screenshot)

The Downfall of the Venezuelan State-run Cryptoasset

Maduro and his administration initiated a series of policies that led the Latin American country to introduce its own oil-backed cryptoasset, known as the Petro (PTR).

The government also established Sunacrip, a state agency responsible for overseeing crypto policy, along with a state-operated crypto remittance platform called Patria.

Moreover, Caracas encouraged crypto mining and even tasked engineering units of the Venezuelan army with mining BTC tokens for state revenue.

Venezuela’s Maduro says he will change half of his cabinet https://t.co/sh809LJDkF pic.twitter.com/St8GBng7ly

— Reuters (@Reuters) August 27, 2024

Maduro: Venezuela Crypto Adoption Ended by Plot

This was all underpinned by a policy focused on crypto-enabled trade. With Caracas excluded from trade with Western-aligned nations due to US-led sanctions, Maduro reportedly accumulated a significant “stash” of Bitcoin (BTC) and Ethereum (ETH) coins.

Maduro halted Sunacrip, the Petro, crypto mining initiatives, and more when he cracked down on a $21 billion crypto “plot.”

The “plot” involved Petróleos de Venezuela (PDVSA), the state-owned oil and natural gas enterprise.

Maduro alleged that Sunacrip officials, senior government ministers, and others diverted billions of dollars worth of crypto utilized in international oil transactions.

The President stated that “thieves” had hindered the progress of blockchain technology in the nation, but he pledged to revisit the crypto “path.”

“A group of bandits and thieves destroyed the path of crypto in Venezuela.”

Nicolás Maduro

Controversial recent elections have placed Maduro once again in conflict with Washington, Brussels, and others.

The United States Department of State has recently accused Maduro of “manipulating election results,” while EU leaders have also dismissed Maduro’s claims of victory.

Consequently, sanctions against Venezuela are likely to persist or escalate while Maduro remains in office.

President Nicolás Maduro appointed Delcy Rodríguez as Venezuela’s new oil minister, while she continues to act as vice president. https://t.co/6D4xZYkGHz

— Bloomberg (@business) August 27, 2024

Caracas, Moscow, Tehran All Turning to Crypto?

In anticipation of this, Maduro has urged his administration to revive their crypto policies.

This announcement coincides with Maduro’s allies in Moscow and Tehran also investigating the use of crypto as a payment method in international trade.

Russian President Vladimir Putin has recently approved the use of crypto in cross-border transactions.

Additionally, experts indicate that Iranian companies began utilizing crypto as a payment method in the trade sector several years ago.

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