By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Venezuela Must Return to the Path of Cryptocurrency
Share
Notification Show More
Latest News
Rasmala Delivers Robotics-Enabled Logistics Facility in the Netherlands
Gulf
Marathon Des Sables confirms Jordan as the 2025 venue for the fifth year in a row
Gulf
Explore the Future: “Forum Moscow 2030. Territory of the Future” Invites Young UAE Visitors to Experience Innovation, Creativity, and Urban Adventure
Gulf
Ferrero’s Social Responsibility Project Kinder Joy of moving Beats Traditional PE Curriculum, Tapping into the Cognitive Functions, Motor Coordination and Life Skills of Students
Lifestyle
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Crypto > Venezuela Must Return to the Path of Cryptocurrency
Crypto

Venezuela Must Return to the Path of Cryptocurrency

News Room
Last updated: 2024/09/02 at 1:04 AM
News Room
Share
4 Min Read
SHARE

Venezuelan President Nicolás Maduro recently announced that Venezuela should return to the “crypto path” after facing setbacks from “bandits and thieves” that derailed its progress in the crypto space. This decision comes after a crackdown that ended years of pro-crypto policies in the country. Maduro emphasized the need to bolster the banking sector with a “basket of multiple currencies” and indicated that the cryptocurrency industry is back on his political agenda.

Maduro and his cabinet previously spearheaded various policies to promote cryptocurrencies in Venezuela, including the launch of the Petro (PTR), an oil-backed crypto asset, and the establishment of Sunacrip, a state-run agency overseeing crypto policy. The government also engaged in crypto mining activities, with engineering units of the Venezuelan army mining BTC tokens for the state coffers. Additionally, Caracas promoted crypto-powered trade as a response to US-led sanctions regimes that limited traditional trade options.

However, Maduro abruptly ended the country’s crypto adoption initiatives after uncovering a $21 billion crypto “plot” involving the state-owned oil and natural gas company, Petróleos de Venezuela (PDVSA). He accused Sunacrip officials, senior government ministers, and others of siphoning off billions of dollars worth of crypto used in international oil sales, which led to the halt of various crypto projects in the country. Maduro attributed the downfall of Venezuela’s crypto policies to these “thieves” and expressed a renewed commitment to revisiting the crypto path.

Recent elections in Venezuela have sparked controversy, with Maduro facing accusations of tampering with election results from the United States Department of State and rejection of his claims of victory from EU leaders. This has resulted in ongoing sanctions regimes against Venezuela, potentially intensifying as long as Maduro remains in power. Maduro has appointed Delcy Rodríguez as Venezuela’s new oil minister amidst the political tensions and international scrutiny.

With the pressure of sanctions looming, Maduro’s call to return to crypto policies aligns with similar movements in Moscow and Tehran as they explore the use of cryptocurrencies in international trade. Russian President Vladimir Putin has approved the use of crypto in cross-border trade, while Iranian firms have been utilizing cryptocurrencies as a payment tool in the trade sector for several years. These developments suggest a growing trend of governments turning to cryptocurrencies as a way to navigate around traditional trade barriers and geopolitical challenges.

In conclusion, Venezuela’s potential return to the crypto path under Maduro’s leadership signifies a renewed focus on digital assets as a means to navigate economic challenges and international sanctions. The country’s previous initiatives in the crypto space were abruptly halted due to alleged corruption and mismanagement, but Maduro seems determined to reestablish Venezuela as a player in the global crypto industry. As geopolitical tensions continue to mount, the adoption of cryptocurrencies by governments like Venezuela, Russia, and Iran could signal a shift towards a more decentralized and resilient financial system.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room September 2, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Amir enacts law to promote local hiring in the private sector
Next Article Growing pressure for ceasefire leads to protests and strikes in Israel
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Rasmala Delivers Robotics-Enabled Logistics Facility in the Netherlands
Gulf August 4, 2025
Marathon Des Sables confirms Jordan as the 2025 venue for the fifth year in a row
Gulf July 31, 2025
Explore the Future: “Forum Moscow 2030. Territory of the Future” Invites Young UAE Visitors to Experience Innovation, Creativity, and Urban Adventure
Gulf July 30, 2025
Ferrero’s Social Responsibility Project Kinder Joy of moving Beats Traditional PE Curriculum, Tapping into the Cognitive Functions, Motor Coordination and Life Skills of Students
Lifestyle July 14, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
BusinessCrypto

Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

February 1, 2025
BusinessCrypto

Bitget Leverages AI Algorithms for Token Listing with the Launch of Bitget Seed

January 27, 2025
BusinessCrypto

Bitget to List Official TRUMP Meme Token for Spot Trading

January 23, 2025
BusinessCrypto

Bitget LaunchX to Support Jambo’s $5 Million Fundraising for Satellite Launch Program

January 18, 2025
BusinessCrypto

Bitget Unveils Over $5 Billion Worth of BGB Token Burn in New Whitepaper

December 28, 2024
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?