Key Takeaways
- Maduro urges Venezuela to return to Bitcoin policies after setbacks.
- Venezuelan Bitcoin initiatives were previously derailed by a $21 billion fraud.
- Maduro's allies are also exploring Bitcoin in trade.
Venezuelan President Nicolás Maduro has called for his country to revive its Bitcoin initiatives, following a period of government crackdowns that halted pro-Bitcoin policies.
Maduro blames “bandits and thieves” for the failure of previous efforts to integrate Bitcoin into Venezuela’s economy.
Meeting with execs
Speaking at a meeting with top banking and securities executives, Maduro emphasized the need to put Bitcoin back on his political agenda.
He noted that Venezuela had initially begun this journey and must now return to it, proposing a new system that includes a “basket of multiple currencies,” with Bitcoin being a crucial part of this strategy.
Corruption
Maduro’s government had previously launched several Bitcoin-related initiatives, including the oil-backed Petro token and the establishment of Sunacrip, a state agency overseeing Bitcoin policy.
However, these projects were abruptly halted after Maduro uncovered a $21 billion fraud involving top officials and state-owned enterprises.
The President claimed that corruption had severely damaged the progress of Bitcoin adoption in the country.
