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    Home » Crypto News » President Maduro: Venezuela Seeks Opportunities To Use Cryptocurrency For Global Trade

    President Maduro: Venezuela Seeks Opportunities To Use Cryptocurrency For Global Trade

    Author: Jordan Lyanchev

    Last Updated Oct 2, 2020 @ 15:04

    Venezuela’s President Maduro has presented new anti-sanctions law that could enable the country to use cryptocurrencies for global trades.

    • Venezuela’s cryptocurrency story continues as the country’s President Nicolas Maduro has presented new use cases. 

     

    • A recent report informed that the South American nation is studying the possibility of using digital assets in trades alongside the national Petro. 

     

    • President Maduro has presented new anti-sanctions law in the Constituent National Assembly. In a recent speech, he asserted:

     

    “The anti-sanctions law 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.”

    • The news comes after Maduro suggested last year that his country could adopt cryptocurrency payments.

     

    ADVERTISEMENT
    • Additionally, Venezuela signed a new tax agreement this summer that enabled the nation to start collecting taxes and fees in the Petro.

     

    • A study reported by CryptoPotato revealed that digital assets already play an essential role in the country’s struggling economy. Venezuela’s intensifying financial crisis has catalyzed significant interest in cryptocurrencies as people seek opportunities to escape the devaluating national currency.

     

    • The Bitcoin peer-to-peer volume exemplifies the growing interest in the primary cryptocurrency within the country. As per data from coin.dance, the BTC P2P volume on LocalBitcoins has been continuously surging in the past several months.
    Bitcoin P2P Trading Volume LocalBitcoins. Source: coin.dance
    Bitcoin P2P Trading Volume In Venezuela on LocalBitcoins. Source: coin.dance
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      Report: The US and China Lag Behind Ukraine and Venezuela in Cryptocurrency Adoption
    Tags: Altcoins Bitcoin Venezuela
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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