Venezuela tries to avoid the sanctions of the United States when trading with rubles and crypto
Venezuela and Russia are in talks to use the ruble in mutual trade agreements, thus abandoning the US dollar commonly used in transactions from country to country. In addition, the two countries are considering the use of El Petro, the cryptocurrency linked to Venezuela’s oil, as another means of exchange.
The representative of the UN in Venezuela, Jorge Valero, told the Russian body Russian Today about the upcoming business plans.
The Petro is linked to the value of the Venezuelan oil barrel and the national currency, the bolivar, is linked to the Petro. Venezuela hopes to avoid sanctions by disconnecting from the USD and Petro is an integral part of this process. It is also “exchanging crude oil for imported products” according to RT.
RT writes and reports the following:
The diplomat stressed that the sanctions of the United States against the Venezuelan oil sector, together with the freezing of its accounts in dollars, have had a huge negative impact on the economy of the country. The measures deprived the Latin American nation of free access to international financial support and investments in its oil sector.
The Treasury of the United States imposed sanctions against the Venezuelan government and its cryptographic exchange Evrofinance after the launch of Petro. The treasury wrote that “Evrofinance’s participation in the Petro demonstrated Maduro’s hope that the Petro would allow Venezuela to evade the financial sanctions of the United States.”
Given that there are no open cryptographic exchanges or a real way to pay with cryptography in Venezuela, even after months of effort, this effort to direct the sanctions seems to point directly to the Venezuelan government, catastrophically broken, returning to normal, but It may or may not have much effect on the local economy. It is mentioned that users of Venezuela is the biggest buyer of Bitcoin
The important thing is to highlight the following, the Sovereign States make decisions that should aim to solve the most pressing problems, in the case of Venezuela it is mentioned that the hyperinflation of the economy amounted to 10 million percent, something never seen in the economy of a country in time of absence of wars, also draws attention that the sanctions imposed unilaterally by the world economic power, as is the US, directly affect a people, many people suffer from lack of food, medicine, spare parts, among others, of course the last word has not been written. When the government decided the creation of Petro, expectations grew, users expect, for new times, the government has tried to massify its use, in different branches of the economy, this technology, as it is blockchain, can help can help, Only time will tell what its outcome will be. It waits for new announcements
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