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Venezuela's President says will use cryptocurrencies for payments

  • Nicholas Maduro, Venezuela’s President was speaking about a crypto-powered plan.
  • The government will leverage cryptocurrencies for the use of free national and international transfers.
Venezuela's President says will use cryptocurrencies for payments
Ken ChigboKen ChigboIndependent Analyst

Venezuela’s President Nicolas Maduro says he has a crypto-powered plan which will help the country in maintaining the flow of imports and exports. 

Maduro openly notes that his policy is pro-crypto, particularly with that of that Ethereum and Bitcoin. The government will look at leveraging cryptocurrencies for the use of free national and international transfers. 

He said: 

Donald Trump and his sanctions are blocking Venezuela from carrying out transaction in any of the world’s banks. There’s other formulas to pay, and it’s what we’re using, because our payment system works perfectly in China and Russia.

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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