Venezuela’s Maduro proposes returning to ‘crypto path’
Venezuelan President Nicolás Maduro has stated that the country must return to the crypto path, despite a recent crackdown that halted years of pro-crypto policies.
He claimed that bandits and thieves had derailed crypto’s progress in Venezuela, News.Az reports citing foreign media.Maduro said that he would help bolster the banking sector with a “basket of multiple currencies.”
Maduro and his cabinet spearheaded a set of policies that saw the Latin American nation launch its own oil-backed cryptoasset, which it named the Petro (PTR).
The government also created Sunacrip, a state-run agency that oversaw crypto policy, as well as a state crypto-powered remittance platform named Patria.
Additionally, Caracas promoted crypto mining, and even commissioned engineering units of the Venezuelan army to mine BTC tokens for the state coffers.
Underpinning all this was a policy that revolved around crypto-powered trade. With Caracas frozen out of trade with Western-aligned nations due to US-led sanctions regimes, Maduro reportedly amassed a huge “stash” of Bitcoin (BTC) and Ethereum (ETH) coins.
Maduro pulled the plug on Sunacrip, the Petro, crypto mining projects, and more when he clamped down on a $21 billion crypto “plot.”
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