Venezuela uses BTC to finance its external operations

by in Cryptocurrency News


The Venezuelan authorities are using Bitcoin to finance the supply of goods from Turkey and Iran.

This is the conclusion reached by the team, founded by investigative journalist Nelson Bocaranda. This researcher received classified data from the country's central bank, which suggests that the supply of food and household goods to the Venezuelan market is financed using bitcoin.

The main importers of goods are Iran and Turkey. Moreover, the first, like the Latin American country, is under Western economic sanctions.

Trending: Crypto market cap hit a new high reaching $1.7 trillion

Besides, it is known that Caracas buys goods from Ankara and Tehran in exchange for gold and fuel, the journalist stressed.

In early 2018, Venezuelan President Nicolas Maduro announced the launch of the national cryptocurrency Petro. It was with this token that the head of the Bolivarian republic wanted to finance international operations bypassing Western sanctions.

However, the new digital currency turned out to be fake and is still not in demand in the market. That is why Caracas was forced to switch to the largest coins bitcoin and ether.