Venezuelan President Nicolás Maduro has spoken about a new bill that proposes to legalize the use of crypto in international trade deals – as a means of circumnavigating crippling economic sanctions placed upon the country by the USA and its international allies.
The Venezuelan political chief stated that his plan involved making further use of the petro (PTR), the regime-issued token.
He stated that it was important to ensure that Venezuela was “able to use all of the world’s [cryptoassets], both public and private.”
Maduro took a swipe at the United States and the UN in his speech, stating that the new bill was in effect an “anti-blockade law,” aimed at combatting the effects of American sanctions, empowering the Venezuelan government to “protect Venezuelan assets at home and abroad from theft” and help restore the domestic economy.
And the president claimed that the sanctions had wiped out 99% of the country’s foreign currency revenue in the past six years, estimating losses of around USD 65bn between 2015 and last year.