Venezuelan President Uses Crypto to Evade Sanctions

Venezuelan political critics accused President Nicolás Maduro and his government of increasingly relying on cryptocurrency transactions in an attempt to evade international sanctions. The United States recently reinstated gold and oil sanctions due to Maduro's failure to ensure a fair agreement for the July elections. Chainalysis analysis shows that the Venezuelan National Cryptocurrency Supervision Bureau (SUNACRIP) is transferring large amounts of stablecoins, which can promote financial operations even under sanctions.