According to an investigative report, Venezuela intends to increase the use of Bitcoin to pay for imports in order to circumvent financial sanctions imposed by the United States.
Not long ago, the Venezuelan government promoted its state-issued and allegedly oil-backed cryptocurrency 'Petro' as a medium of both international and domestic exchange since the token's launch in 2018. However, Petro's poor adoption forced the regime exploring other cryptocurrencies including Bitcoin and Ethereum.
Maduro began to publicly threaten the use of Bitcoin and other crypto assets as a means of circumventing sanctions in September, proclaiming that his government would soon "use all the world's cryptocurrencies, public, state or private, for domestic and foreign trade".
On October 8, the National Assembly of Venezuela passed the Anti-Blocking Law, granting more executive powers to circumvent the sanctions imposed on the country, including authorizing the creation or use of any active crypto as a monetary instrument.
The Venezuelan government established its “Digital Assets Production Center” in November, a Bitcoin mining deposit, as the country increased its dependence on cryptocurrencies.
Last week, the Venezuelan government launched its own cryptocurrency exchange, supported by the National Cryptocurrency Superintendency, to allow citizens to exchange bolivars for bitcoins.
Iran has also put in place a law to use Bitcoin to pay for imports, in an effort to reduce pressure on the country's already fragile economy.