Venezuela’s Cryptocurrency Path: Maduro Proposes Reengagement Amidst Past Scandals

Venezuelan
President
Nicolas
Maduro
recently
hinted
at
a
potential
return
to
a
more
crypto-friendly
approach
in
the
nation,
despite
the
controversial
history
of
the
country’s
national
cryptocurrency
initiatives.
In
a
meeting
with
representatives
from
the
banking
sector,
Maduro
discussed
the
broader
global
shift
towards
a
multi-currency
model
and
touched
on
the
importance
of
cryptocurrencies
in
this
evolving
landscape.
He
suggested
that
Venezuela
might
need
to
revisit
the
path
of
cryptocurrency
adoption,
which
had
previously
been
marred
by
corruption
and
mismanagement.

Venezuela’s
Cryptocurrency
Scandal:
The
PDVSA-Crypto
Scheme
and
Its
Aftermath

Maduro
specifically
referenced

the
PDVSA-Crypto
scheme,
a
scandal
involving
officials
from
PDVSA,
the
state-owned
oil
company,
who
facilitated
oil
sales
amounting
to
$20
billion
paid
in
cryptocurrency
and
other
fiat
currencies.
These
transactions,
managed
through
Sunacrip,
the
national
cryptocurrency
watchdog,
were
never
reported
to
the
national
treasury,
leading
to
significant
financial
discrepancies.

In
connection
with
the
PDVSA-Crypto
scandal,
key
figures
such
as
former
Sunacrip
head
Joselit
Ramirez
and
former
PDVSA
President
Tareck
El
Aissami
were
arrested.
The
repercussions
of
this
scandal
also
led
to
a
restructuring
period
for
Sunacrip,
which
began
over
a
year
ago.
The
scandal
had
far-reaching
impacts,
including
a
crackdown
on

Bitcoin
mining
operations
in
May,
during
which
over
17,000
mining
machines
were
seized
by
the
National
Power
Ministry
as
the
country
faced
continuous
power
shortages.

Maduro
lamented
the
actions
of
what
he
described
as
a
“group
of
bandits
and
thieves”
who
had
derailed
the
country’s
initial
cryptocurrency
efforts.
He
emphasized
the
need
for
Venezuela
to
“get
back
on”
the
cryptocurrency
path,
although
he
made
no
specific
mention
of

the
petro,
the
national
cryptocurrency
that
was
reported
to
be
on
the
verge
of
liquidation
earlier
in
the
year.

Maduro’s
Vision
for
a
Multi-Currency
Future
and
the
Role
of
Cryptocurrencies

In
his
remarks,
Maduro
acknowledged
the
global
trend
towards
a
multi-currency
world,
involving
a
mix
of
currencies
such
as
the
dollar,
yuan,
ruble,
and
rupee,
alongside
cryptocurrencies.
He
suggested
that
Venezuela
had
initially
begun
moving
in
the
right
direction
with
its
cryptocurrency
initiatives
but
had
been
forced
off
course
due
to
the
corruption
and
mishandling
by
certain
officials.

While
Maduro’s
comments
suggest
a
possible
revival
of
cryptocurrency
in
Venezuela’s
economic
strategy,
he
did
not
provide
concrete
details
or
timelines.
His
remarks
indicate
a
desire
to
reengage
with

the
cryptocurrency
world,
although
the
form
and
scope
of
this
reengagement
remain
unclear,
particularly
given
the
challenges
and
controversies
that
have
plagued
the
country’s
previous
efforts
in
this
area.

????NEWS:

#Venezuelan
President
Nicolas
Maduro
discussed
the
possible
future
of
the
national

#cryptocurrency
system
following
the
so-called
PDVSA-Crypto
scheme,
which
resulted
in
the
loss
of
$20
billion
in
unaccounted
oil
sales
paid
in

#crypto.#btc

#x9

#x9wallet

#wpepe

#crypto

pic.twitter.com/0Ll8j0w5XX

—
WALL
ST
news
????
(@wallstpepetoken)

September
3,
2024

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