Venezuelan President Uses Crypto to Evade Sanctions

Critics of Venezuelan politics 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 Superintendence of Crypto Assets (SUNACRIP) is moving large amounts of stablecoins, operations that facilitate financial operations even under sanctions.