According to sources, Venezuela has already paid with bitcoin to companies in its allied countries.
The Venezuelan Army has a bitcoin mining farm in Caracas.
To evade trade sanctions imposed by the United States, the Venezuelan government would be turning to bitcoin for international trade with allied countries, such as Turkey and Iran.
According to anonymous sources from the Central Bank of Venezuela cited by local media, the Venezuelan government has already paid companies from both countries using bitcoin as a means of commercial exchange.
It is unknown what the aforementioned payments correspond to. However, it is known that the South American country imports food from Turkey for its food subsidy system with the delivery of meal combos through the Carnet de la Patria. More recently, fuel shortages have caused Iran sends gasoline to Venezuelan territory.
The same source indicates that the Anti-Blockade Law, in force since mid-October this year, has served as an instrument to strengthen the legal framework that makes such transactions with bitcoin possible. With this legal instrument, the Executive has the power to create or use any financial mechanism, such as “crypto assets and instruments based on blockchain technology (blockchain)” to achieve its objectives.
As reported by CriptoNoticias, President Nicolás Maduro assured when presenting the proposal of this law that it would serve to “promote the use of Petro and other Venezuelan and world cryptocurrencies in internal and external trade. That all cryptocurrencies in the world, public, state or private can be used.
Although the authorities of the country have tried to find trading pairs to deal with the Petro, it has not been possible so far. And judging by the statements of the BCV source, With bitcoin, the Venezuelan government has found interest from Iran and Turkey.
Bitcoin mining farm in Fuerte Tiuna, Caracas
Beyond the anonymity of the source and the lack of official statements in this regard, it makes sense that the Venezuelan government is appealing to payments with bitcoin. Especially knowing that they have at their disposal a bitcoin and cryptocurrency mining farm in Fuerte Tiuna, a military complex located in Caracas, capital of the country.
Just a few days ago, this medium reviewed the creation of the “Digital Assets Production Center” where cryptocurrency mining is carried out to finance the government with assets that allow circumventing international sanctions.
In fact, the commander of the brigade in charge of the activity, General Lenin Herrera, assured that this farm was created precisely with the purpose of producing resources that cannot be intervened when trading internationally.
For at least two years, the Venezuelan government has been exploring the possibility of adopting bitcoin and other cryptocurrencies to be able to access international trade bypassing the sanctions that weigh on their activities, particularly from the United States Department of the Treasury.