Maduro: ‘Venezuela Must Return to the Crypto Path’
Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...
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.”
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.”
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
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
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