CARACAS, Venezuela, Friday, September 6, 2024 – Venezuelan President Nicolás Maduro has announced a renewed focus on cryptocurrency policies, months after a significant crackdown on the sector.
Speaking to senior banking and securities officials, Maduro blamed “bandits and thieves” for the previous failures of Venezuela’s crypto ventures and vowed to restore the country’s crypto path.
During a recent meeting, Maduro outlined plans to integrate a “basket of multiple currencies” to strengthen the banking sector.
He emphasized that while Venezuela had initially embarked on a crypto journey, it must return to that path.
Maduro’s administration previously launched several crypto initiatives, including the Petro (PTR), an oil-backed cryptoasset, and Sunacrip, a State agency overseeing crypto policy.
Additionally, a state crypto-powered remittance platform called Patria was introduced, and even the Venezuelan army was involved in crypto mining.
However, these projects were halted when Maduro’s government uncovered a $21 billion fraud involving the State-owned oil company Petróleos de Venezuela (PDVSA).
The President accused Sunacrip officials and senior ministers of siphoning off billions in crypto, leading to the dismantling of Venezuela’s crypto infrastructure.
The timing of Maduro’s announcement coincides with similar moves by allies in Moscow and Tehran, who are also exploring cryptocurrency for international trade.
Maduro also faces sanctions and international scrutiny over disputed election results.
