According to <a href="https://www.reuters.com/world/americas/experts-politicians-call-scrutiny-venezuelas-use-cryptocurrency-2024-04-29/" target="_blank" rel="noopener" data-wpel-link="external">Reuters</a>, Venezuela now depends on cryptocurrency for oil sales after the U.S. imposed new sanctions, which concerns many. The latest news coming from the Venezuelan state oil company PDVSA is that it will explore more crypto trades for oil exports. 
A report by Venezuelan opposition politician Leopoldo Lopez along with Kristofer Doucette advises democratic authorities to respond to the misuse of Venezuelan cryptocurrency by Nicolas Maduro’s administration. 
Doucette, a national security leader at Chainalysis, stressed the need to have concrete anti-money laundering measures. 
“Structures must be set up to combat this type of money laundering,” He stated 
In areas where traditional banking systems do not exist, the adoption of cryptocurrency enables financial transactions. However, corrupt regimes can use the anonymity of the crypto market for illegal activities. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/30/samourai-wallet-co-founder-denies-money-laundering-charges/" data-wpel-link="internal">Samourai Wallet Co-Founder Denies Money Laundering Charges</a> 
</blockquote>

Venezuela Turns to Crypto for Oil Sales Amid U.S. Sanctions

The Crypto Times

Other articles published on Apr 30, 2024

Bitcoin ETFs Are 'Some Of The Best Launches In History,' Says Analyst, But Ethereum ETF Unlikely ...

Solana Whales Dump 100 Million SOL to Invest in Upcoming Blockchain With Fastest Presale

Global AI Powerhouse Pinnacle Markets Poised for Major Collaboration, Leading the Next Wave of Ar...

Yue Minjun Revolutionizes Bitcoin Art Scene with Pioneering Ordinals Collection on LiveArt

Is Bitcoin Price at a Turning Point?

Panda Swap Price Prediction: PANDA Goes Ballistic With 33% Pump As Traders Pivot To This Multi-Ch...

Join our free newsletter for daily crypto updates!