While the Trump administration continues to tighten its economic grip on nations of the world, Venezuelan President Nicolás Maduro has started to push back by using Bitcoin to circumvent US financial restrictions.
AIRPORT TAXES PAID IN BITCOIN
According to reports in local media, Venezuelan president Nicolás Maduro has been turning to bitcoin to circumvent US sanctions. The report added that the state has been using an app developed by a subsidiary of a Florida based firm which collects taxes.
The application called ‘Jetman Pay’ collects aeronautical taxes, before converting them into BTC through crypto wallets, and then sending them to other countries such as Russia, China and Bulgaria. The bitcoin is then sent back to Venezuela in USD to close the circle.
The initiative is regulated by the ‘National Superintendence of Cryptoactives’ (SUNACRIP), an agency setup by Maduro to launch the state backed Petro cryptocurrency. The Petro has not been used in this instance because bitcoin is more globally recognized and easier to convert in other countries. Read More at Bitcoinist...