Venezuelan President Nicolas Maduro and his administration have found a way to circumvent international sanctions with the help of Bitcoin. As it became known, the Maduro government converted funds received from the country’s domestic airports into cryptocurrencies, after which these funds were withdrawn on exchanges in Hong Kong, Hungary, Russia and China and sent back to Venezuela.
This scheme is a good example of how the ban imposed on the Maduro government on the use of US bank accounts, as well as participation in the open international market, forced him to use cryptocurrency as a tool for getting dollars.
The statement claims that mentioned tax revenues came from Maiquetia International Airport (IAIM), located near the capital, Caracas. These funds were collected through an automated system that runs in the Jetman Pay application. The report says that the Maduro government is likely to expand this scheme to other airports in the country.
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