According to Reuters, Venezuela now depends on cryptocurrency for oil sales after the U.S. imposed new sanctions, which concerns many. The latest news coming from the Venezuelan state oil company PDVSA is that it will explore more crypto trades for oil exports.
A report by Venezuelan opposition politician Leopoldo Lopez along with Kristofer Doucette advises democratic authorities to respond to the misuse of Venezuelan cryptocurrency by Nicolas Maduro’s administration.
Doucette, a national security leader at Chainalysis, stressed the need to have concrete anti-money laundering measures. “Structures must be set up to combat this type of money laundering,” He stated
In areas where traditional banking systems do not exist, the adoption of cryptocurrency enables financial transactions. However, corrupt regimes can use the anonymity of the crypto market for illegal activities.
