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President Nicolas Maduro presents new bill that would see crypto help overcome Venezuela’s Battle with the US sanctions

 
President Nicolas Maduro presents new bill that would see crypto help overcome Venezuela’s Battle with the US sanctions
Breaking News / Crypto Market

Quick take

1.5 minute read

  • Nicolas Maduro recently said that the government in the country is going to look at diverse cryptocurrencies as a way to avoid sanctions in the nation. 
  • Earlier this week, the president showed off a new bill that would intend to help the country invade the sanctions from the United States.

Nicolas Maduro, the President of Venezuela recently said that the government in the country is going to look at diverse cryptocurrencies as a way to avoid sanctions in the nation. Earlier this week on the 29th of September, the president showed off a new bill that would intend to help the country invade the sanctions from the United States.

With this bill in mind, Venezuela would be able to look into the possibility of using numerous different groups of currencies in both sectors of domestic and foreign trade. The president further went on to claim that these new anti-sanction bills will involve private and state backed crypto companies and initiatives such as the petro, the oil tethered cryptocurrency in Venezuela.

The anti-sanctions bill 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.

Earlier this month on the 23rd of September, the national superintendency of crypto assets under related activities issued its first decree which would regulate all mining activities in relation to crypto in the country. This official regulatory framework specifically highlights the requirements for minors to join the “national mining pool“.

This new bill proposed by the president is currently being reviewed by the legislative body in Venezuela. More will be reported on this, as information is released.

It will be interesting to see how this plays. For more news on this and other crypto updates, keep it with CryptoDaily!

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