Venezuelan government bypasses sanctions through airports using Bitcoin

Venezuela uses Bitcoin to circumvent US sanctions at airports, rather than El Petro’s own national digital currency.

The country’s president, Nicolas Maduro, introduced an automated system for collecting aviation taxes at the international airport of Maiquetia using the Jet Man Pay application with their subsequent conversion into bitcoins and withdrawal from the country.

The conversion and translation process of Venezuela is supported by partners from China, Russia and Hungary. Translated into dollars, these funds are subsequently deposited in government-controlled bank accounts in these countries.

In the future, according to local media, Maduro plans to extend this scheme to other airports in the country. In addition to the air missions, it is planned to withdraw funds from refueling charges for transit aircraft in the same way soon.

Recall, the Venezuelans themselves also turn to Bitcoin for a long time, and not to El Petro, which the authorities are trying to implement in as many sectors as possible (it was reported that El Petro began to transfer pensions, and the banks were obliged to display the state of users’ accounts in the national cryptocurrency) .

It happens against the background of the deepest economic crisis in the country. How Venezuela has become one of the world leaders in hyperinflation and how Bitcoin helps residents cope with the current situation.

Note, US President Donald Trump signed a decree banning US citizens from any operations with El Petro last year.

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