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The government of Venezuela has allegedly been spinning airport tax revenues into Bitcoin (BTC) and virtual currency to sidestep international sanctions. From the research made by a Spanish newspaper ABC, the President of Venezuela Nicolas Maduro plus his working admin are allegedly exploiting a virtual currency wallet application to spin tax revenue into popular digital assets, and then traded on cryptocurrency exchanges in different countries including China, Iran, Hungary, Russia, etc.

President Nicolas Maduro of Venezuela, issued an order to Banco de Venezuela (BDV), a global financial institution based in Caracas, to begin accepting the Petro (PTR), the country’s popular oil-backed digital currency. Through the Minister of Finance, the President told the country’s third market leader with a market share for deposits of more than 11.2%, to begin allowing Petro cryptocurrency in all of its functioning branches.

Venezuela officially launched a complaint with the World Trade Organisation (WTO) on Tuesday, January 8, 2019, arguing that the current United States (U.S) sanctions on the nation violate a series of WTO rules and regulations.

Venezuela, a nation fighting one of the largest economic recessions, is ready to launch a fresh fiat currency linked to its oil-backed 'petro' virtual currency in October, according to what President Nicolas Maduro has said.

lldemaro Villarroel, minister for Habitat and Housing, disclosed that the government of Venezuela is preparing to use its oil-backed crypto, the Petro, in order to finance the construction of villas.

As the pre-sale period for the country’s digital currency Petro finished, the President of Venezuela, Nicolas Maduro has announced the project collected more than 3 billion dollars. He has also certified 16 crypto exchanges, hoping they will add the Petro to their trading lists.

Venezuela plans on issuing a government-backed cryptocurrency called “petro”. The currency will be the first digital money actually backed by resources such as gold, oil, gas or diamonds.

Four people have been arrested in Venezuela for using the country’s electricity illegally by mining Bitcoins. Bitcoin mining is a very power-intensive activity consuming many units of electricity a day. Implying that if unpaid electricity is used, within just a few weeks, millions of dollars in power revenue could be lost.

Venezuela has an unstable economy and its currency has been hit by inflation beyond 1000%. Destinia, a Venezuelan online travel agency, will now only accept Bitcoin for payment for its services citing “increasing restrictions” and economic woes in the country.