Venezuela will expand the use of cryptocurrencies to circumvent sanctions

The Venezuelan government has presented a bill that expands the use of cryptocurrencies in foreign and domestic trade. President of the country Nicholas Maduro said that this move will lead to a wider distribution of all cryptocurrencies, both public (including Petro) and private.

This is expected to help Venezuela cope with the impact of US sanctions and contribute to economic recovery. The document has been sent to the Constitutional Assembly for consideration.

In September, it became known that a national mining pool would be created in Venezuela. Under the new law, all companies and individuals involved in mining will be required to apply for an appropriate license and be entered in the state register. This also applies to data centers and mining equipment manufacturers.

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