Venezuela ramps up Bitcoin payments for imports from Iran and Turkey
Venezuela President Nicolás Maduro claims the country will “use all the cryptocurrencies in the world” to bypass U.S. sanctions. According to an investigative report from RunRun.es, Venezuela intends to increase its use of Bitcoin to pay for imports to bypass financial sanctions imposed by the United States.RunRun.es, which was founded by Venezuelan investigative journalist Nelson Bocaranda, cited anonymous sources from the country’s central bank who claim that “payments to companies from allied countries such as Iran and Turkey have been made using Bitcoin.”It is unclear, what these....
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Venezuela is reportedly paying companies in allied countries, including Iran and Turkey, with bitcoin to mitigate the effects of U.S. sanctions on its economy. The Venezuelan government is also planning to increase bitcoin usage now that it has a dedicated cryptocurrency mining center. Venezuela Uses Bitcoin to Pay for Imports Venezuela has been using bitcoin to pay for imports from allied countries, local news outlet Runrun.es reported this week. The government of President Nicolas Maduro is also planning to increase its usage of bitcoin in trade now that the Venezuelan Army is actively....
Iran reportedly passed a law enabling the use of bitcoin as payment for imports and establishing a framework for the asset class, including mining regulations.
Strapped for international currencies, Iran is turning to cryptocurrency to allow imports to continue to flow.
Turkey’s gold imports of just over 39,000 kilograms in September 2022 are more than 16 times the quantity that was brought into the country in September 2021. The surge in Turkey’s gold imports is reportedly being spurred by the rise in demand for the precious metal by individuals and entities using it in foreign currency transactions. ‘Gold Instead of Turkish Lira’ According to data from Borsa Istanbul’s Precious Metals and Diamond Markets, the quantity of gold imported into inflation-stricken Turkey in September 2022 was over 1,700% more than the quantity brought....
Iran’s association of importers have now called for regulatory framework for cryptocurrency. This is after the Iranian government has officially used crypto to pay for the imports. In order to continue paying for imports with digital asset a regulation needs to mandated. The head of Iran’s Importers Group and Representatives of Foreign Companies (Import Association) […]