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Today in a televised press conference President Nicolas Maduro confirmed the government is  using cryptocurrencies as a “method for free national and international payments,”

Maduro said “The finance minister and Venezuela’s central bank have new instruments which we will activate very soon so that everyone can do banking transactions, as well as national and international payments through the central bank’s accounts,” he then added, “Venezuela is working within the cryptocurrency world.”.

Last week we heard that Venezuela’s central bank is conducting tests to hold cryptocurrency reserves. With the state-owned Petroleos de Venezuela SA (PDVSA) looking to make payments to suppliers with crypto due to economic sanctions  

Maduro said “Donald Trump and his sanctions are blocking Venezuela from carrying out transaction in any of the world’s banks,”.   He then went on to comment “There’s other formulas to pay, and it’s what we’re using, because our payment system works perfectly in China and Russia.”

It’s not all popular in the country as  the opposition’s leader  Juan Guaido” said The regime’s use of cryptocurrency shows desperation,”. The man who is recognised by 50 countries as Venezuela’s rightful leader then said: “To resort to that kind of subterfuge emphasizes the economic crisis the regime is going through.”.

All of this is good news for the crypto industry as if this experiment works out it could be the framework for other countries.