Venezuela relies on cryptocurrency for its oil sales after the United States confirmed new sanctions that worry many. The latest news coming out of Venezuelan state oil company PDVSA is that it will explore more crypto transactions for oil exports.
A report by Venezuelan opposition politician Leopoldo Lopez and Kristofer Doucette advises democratic authorities to respond to the misuse of Venezuelan cryptocurrency by Nicolas Maduro’s administration.
Doucett, head of national security at Chainalysis, a company that helps reduce the likelihood of money laundering in cryptocurrency transactions, highlighted the need to put concrete anti-money laundering measures in place .
However, 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 to carry out illegal activities.
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