Venezuelan president uses cryptocurrency to evade sanctions

Venezuelan political critics have accused President Nicolás Maduro and his government of increasingly relying on cryptocurrency transactions in an attempt to circumvent international sanctions. The United States recently reimposed gold and oil sanctions over Maduro's failure to secure a deal for fair elections in July. Chainalysis' analysis shows that Venezuela's National Supervisory Authority for Crypto Assets (SUNACRIP) is transferring large amounts of stablecoins, operations that facilitate financial operations even under sanctions.