Critics Claim Maduro Uses #Cryptocurrency to Evade Sanctions Amid Electoral Controversies
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Critics of Venezuelan President Nicolás Maduro allege he is using cryptocurrency to evade international sanctions.
Earlier this year, U.S. State Department spokesperson Matthew Miller noted that Maduro's government wasn't committed to fair elections. After failing to honor a free election agreement in July, the U.S. reinstated sanctions on Venezuela's gold and oil sectors.
Andrew Fierman from Chainalysis mentioned that regimes often use crypto to bypass sanctions. In #Venezuela , SUNACRIP, the national crypto oversight body, has been transferring substantial amounts of tokens across various platforms, exceeding $70 million in stablecoins.
This has raised concerns about Maduro's intentions to use crypto for circumventing sanctions, especially following a similar strategy with the Petro in 2018.
Political observers suggest Maduro faces a dilemma: accept potential electoral defeat or manipulate election results to maintain power.
