President of Venezuela Says Cryptocurrencies Will Help Them

Nicolas Maduro, the president of Venezuela, has spoken in favour of cryptos. In one of his most eccentric speeches, he said that crypto will help Venezuela. The Venezuelan government is looking at many different cryptocurrencies to help the country avoid sanctions. It is a well-known fact that US has put sanctions on Venezuela which has made international trade difficult for them.

Help Deepening Economic Crisis

Now, in an obvious move, they intend to use many different cryptos for both domestic and international trade. To do this, a new bill has been presented which is being called the “anti-sanctions bill”. Maduro said, “The anti-sanctions bill is the first response, to give new strength to the use of Petro and other cryptocurrencies, national and global, in domestic and foreign trade, so that all cryptocurrencies of the world, state and private, could be used. This is an important project that is under development.”

Crypto for International Trade

What is interesting here is that they are not only focusing on their oil-backed crypto called Petro. Their focus is to use many different cryptos that are available today to avoid US sanctions. This is perhaps the only example in the world where cryptos are being looked at so seriously for international trade. This should definitely make the proponents of cryptocurrencies happy. If major countries of the world started using them for serious things, it could mean overnight success for the industry. Slowly, the entire world would jump on the bandwagon.

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