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Venezuela Using Bitcoin to Avoid U.S. Sanctions
Summary: President Nicholas Maduro of Venezuela, has approved the usage of the app, Jet Man Pay, which allows the collection of aeronautical taxes and converts them to Bitcoin. Venezuela is choosing to use Bitcoin rather than the Petro, a Venezuelan cryptocurrency, inorder to bypass the U.S. sanctions at the airports. The app allows for the Bitcoin ...
President Nicholas Maduro of Venezuela, has approved the usage of the app, Jet Man Pay, which allows the collection of aeronautical taxes and converts them to Bitcoin. Venezuela is choosing to use Bitcoin rather than the Petro, a Venezuelan cryptocurrency, inorder to bypass the U.S. sanctions at the airports. The app allows for the Bitcoin funds collected to be converted with partners in foreign countries like China and then deposits those funds in the shape of fiat dollars into the foreign country’s banks controlled by the government.
Author: Sofia Cabrera
Tags: Bitcoin,Fiat dollars,Jet Man Pay,Petro,President Nicholas Maduro,Sanctions,United States,Venezuela
Link: Venezuela Using Bitcoin to Avoid U.S. Sanctions [Copy]
