CryptoMediaClub
Friday, October 3, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Maduro: ‘Venezuela Must Return to the Crypto Path’

02.09.2024
A A
0
128
VIEWS
ShareShare

Venezuelan President Nicolás Maduro has claimed that his nation must make a return to the “crypto path,” just months after a crackdown that ended years of pro-crypto policies.

He claimed that “bandits and thieves” had derailed crypto’s progress in Venezuela. And he said that he would help bolster the banking sector with a “basket of multiple currencies.”

Maduro: Venezuela’s Crypto Policy Was Hijacked by ‘Bandits’

The media outlet Criptonoticias reported that Maduro made the comments at a meeting with senior Venezuelan banking and securities executives.

Maduro reportedly took the opportunity to “indicate” that the “cryptocurrency industry” is “back on his political agenda.”

“The systems that will be created are multi-currency-based, with baskets of currencies. And that’s not to mention the world of cryptocurrencies. We started down that path and we must get back on it.”

Nicolás Maduro

Nicolás Maduro addresses Venezuelan banking and securities executives on August 29.
Nicolás Maduro addresses Venezuelan banking and securities executives. (Source: Venezuelan state TV/Screenshot)

The Downfall of the Venezuelan State-run Cryptoasset

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.

Venezuela's Maduro says he will change half of his cabinet https://t.co/sh809LJDkF pic.twitter.com/St8GBng7ly

— Reuters (@Reuters) August 27, 2024

Maduro: Venezuela Crypto Adoption Ended by Plot

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.”

The “plot” revolved around Petróleos de Venezuela (PDVSA), the state-owned oil and natural gas company.

Maduro claimed Sunacrip officials, senior government ministers, and others siphoned off billions of dollars worth of crypto used in international oil sales.

The President said that “thieves” had dented blockchain technology’s progress in the country, but vowed to revisit the crypto “path.”

“A group of bandits and thieves destroyed the path of crypto in Venezuela.”

Nicolás Maduro

Contested recent elections have seen Maduro once again at loggerheads with Washington, Brussels, and others.

The United States Department of State has recently accused Maduro of “tampering with election results,” while EU leaders have also rejected Maduro’s claims of victory.

As such, sanctions regimes against Venezuela are likely to remain in place or intensify while Maduro remains in power.

President Nicolás Maduro appointed Delcy Rodríguez as Venezuela’s new oil minister, while she continues to act as vice president. https://t.co/6D4xZYkGHz

— Bloomberg (@business) August 27, 2024

Caracas, Moscow, Tehran All Turning to Crypto?

Perhaps anticipating this, Maduro has urged his government to renew their crypto policies.

The announcement comes at a time when Maduro’s allies in Moscow and Tehran are also exploring the use of crypto as a payment tool in international trade.

Russian President Vladimir Putin has recently green-lighted the use of crypto in cross-border trade.

And experts say that Iranian firms began using crypto as a payment tool in the trade sector several years ago.

The post Maduro: ‘Venezuela Must Return to the Crypto Path’ appeared first on Cryptonews.

Share10Tweet6ShareSharePin2

Related Posts

US Government Shutdown Triggers Cryptocurrency Market Recovery: Bitcoin, Ethereum, and Ripple Prices Soar
All news

US Government Shutdown Triggers Cryptocurrency Market Recovery: Bitcoin, Ethereum, and Ripple Prices Soar

03.10.2025
0

With deep partisan divisions preventing Congress and the White House from reaching a funding agreement, the US government shut down...

Read moreDetails
Why Is Crypto Up Today? – October 3, 2025

Why Is Crypto Up Today? – October 3, 2025

03.10.2025
NY Senator Introduces Bill to Tax High-Consumption Crypto Miners in New York

NY Senator Introduces Bill to Tax High-Consumption Crypto Miners in New York

03.10.2025
Nomura Unit Eyes Wider Access To Crypto Trading In Japan: Report

Nomura Unit Eyes Wider Access To Crypto Trading In Japan: Report

03.10.2025
Bitcoin Breaks $120K As ‘Uptober’ Momentum Rises, Shutdown Fails To Stall Gains

Bitcoin Breaks $120K As ‘Uptober’ Momentum Rises, Shutdown Fails To Stall Gains

03.10.2025
Load More
Next Post
South Korean Prosecutors Indict ‘Crypto Fraudster Who Had Plastic Surgery to Avoid Arrest’

South Korean Prosecutors Indict ‘Crypto Fraudster Who Had Plastic Surgery to Avoid Arrest’

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Bitcoin Dumps Below $30K as SEC Warns That Recent BTC Spot ETF Filings Are ‘Inadequate’ (WSJ)

2 years ago
Opinion: Pump.enjoyable Is the Greatest Factor That Occurred to Solana

Opinion: Pump.enjoyable Is the Greatest Factor That Occurred to Solana

8 months ago
Invesco Galaxy applies for spot Ether ETF

Invesco Galaxy applies for spot Ether ETF

2 years ago
Subway-themed trading bot makes millions using ‘sandwich’ attacks

Subway-themed trading bot makes millions using ‘sandwich’ attacks

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

NY Senator Introduces Bill to Tax High-Consumption Crypto Miners in New York

Nomura Unit Eyes Wider Access To Crypto Trading In Japan: Report

Bitcoin Breaks $120K As ‘Uptober’ Momentum Rises, Shutdown Fails To Stall Gains

Crypto Price Prediction Today October 2 – XRP, Pepe, Dogecoin

Will a Europe-US BTC reserve race actually happen?

XRP Price Prediction: SWIFT Partners With Ethereum Firm – Is Ripple Losing the Payments Race It Started?

Trending

Bitcoin above $120k: Here’s 3 data points bulls must watch next
Analysis

Bitcoin above $120k: Here’s 3 data points bulls must watch next

03.10.2025
0

Bitcoin price is back above $120,000, and the market has clean data to read instead of just...

US Government Shutdown Triggers Cryptocurrency Market Recovery: Bitcoin, Ethereum, and Ripple Prices Soar

US Government Shutdown Triggers Cryptocurrency Market Recovery: Bitcoin, Ethereum, and Ripple Prices Soar

03.10.2025
Why Is Crypto Up Today? – October 3, 2025

Why Is Crypto Up Today? – October 3, 2025

03.10.2025
NY Senator Introduces Bill to Tax High-Consumption Crypto Miners in New York

NY Senator Introduces Bill to Tax High-Consumption Crypto Miners in New York

03.10.2025
Nomura Unit Eyes Wider Access To Crypto Trading In Japan: Report

Nomura Unit Eyes Wider Access To Crypto Trading In Japan: Report

03.10.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz