- Venezuela, Iran and Russia bet on cryptocurrencies as a mechanism to avoid sanctions.
According to a recent Bloomberg report, the state-owned company Petroleos de Venezuela (PDVSA) would be looking to use cryptocurrencies such as bitcoin (BTC) and ether (ETH) to honor its debts. This is an action that would be part of a strategy to avoid the sanctions imposed by the United States on the Nicolás Maduro.
The fact of resorting to cryptocurrencies as an evasion mechanism is not new, since the decentralized nature of this type of asset has made it a desirable object for the economic management of many other governments, also subject to international sanctions.
Iran, China and Russia stand out as clear examples of this. Together with Venezuela, these countries are committed to the technology associated with blockchain as a means of avoiding sanctions and counteracting the financial power of the United States.
This is the reason behind the cryptocurrency-related plans that each of these governments has been developing in recent years,