As a crypto investor with a background in geopolitics and experience in following the Venezuelan situation closely, I am deeply concerned about the latest developments regarding President Maduro’s government and their potential use of cryptocurrencies to evade international sanctions. The alleged activities of SUNACRIP, as reported by Chainalysis, raise serious red flags and indicate a troubling trend of governments under sanctions turning to crypto for financial maneuvering.
As a researcher investigating the political situation in Venezuela, I’ve come across claims from domestic critics and activists suggesting that President Nicolás Maduro and his administration may be exploring methods to bypass international sanctions. One possible avenue they allege could be through cryptocurrency transactions.
Maduro broke his promise for a fair and unrestricted election in July. This breach of commitment resulted in the United States reimposing economic sanctions, specifically targeting gold and oil transactions, against certain Venezuelan officials, effective from late May.
Andrei Fierman, the head of national security at Chainalysis, revealed to Bloomberg that certain governments under sanction have been attempting to bypass these restrictions using cryptocurrencies.
As a researcher looking into the topic of cryptocurrency usage in relation to international sanctions, I came across concerns raised by members of the U.S. Congress in the year 2022. They expressed apprehension over the potential use of cryptocurrencies by sanctioned parties for transferring funds out of Russia. In response to these concerns, legislative bills were subsequently proposed to address this issue based on information from the Congressional Research Service.
As a researcher conducting an investigation, I analyzed the blockchain data related to SUNACRIP, a Venezuelan crypto oversight body, which was set up by the local government back in 2018, using Chainalysis tools and techniques.
The Venezuelan Superintendency of Cryptocurrencies and Related Activities (SUNACRIP) moved significant quantities of digital tokens between various accounts on diverse cryptocurrency exchanges, according to available information.
Based on the analysis conducted by the blockchain data firm, I identified several transactions that could be traced back to accounts possibly managed by SUNACRIP or individuals closely affiliated with them. The aggregate value of these transactions surpassed $70 million, denominated in various stablecoins.
Maduro not committed to fair elections
This year, Matthew Miller, a representative of the U.S. Department of State, expressed the view that both Maduro and his allies had shown a lack of commitment to honoring the terms of their electoral accord.
As an analyst, I’ve observed that Nicolas Maduro and his representatives have failed to fulfill the commitments they made under the electoral roadmap agreement in full. Consequently, General License 44, which facilitates transactions related to Venezuela’s oil and gas sector, will not be renewed past midnight.
— Matthew Miller (@StateDeptSpox) April 17, 2024
The U.S. Treasury Department issued new permits to businesses, giving them two months to wind down their activities and financial dealings in the oil and gas industry of the OPEC nation in question.
As a researcher studying the economic situation in Venezuela, I can say that the implementation of sanctions by the United States could bring significant consequences for the Venezuelan government. Previously, they attempted to circumvent these restrictions by introducing a cryptocurrency named Petro back in 2018.
Following a thorough examination into a significant corruption scandal, the administration prohibited the application of the token. According to reports, cryptocurrency wallets were allegedly employed to reroute funds designated for Venezuela’s state-owned oil company, Petróleos de Venezuela S.A. Analysts hypothesize that President Maduro may adopt similar practices.
As a crypto investor following the political landscape closely, I can’t help but notice the predicament facing Maduro. According to many political analysts, he stands at a crossroads: if he loses in the upcoming elections, as suggested by numerous polls, he has two potential paths. The first is to concede defeat and enter into negotiations for a peaceful transfer of power, ensuring some form of legal protection against future prosecution. The alternative route is to attempt manipulating or invalidating the election results, which could lead to instability and potentially violent clashes.
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2024-06-16 23:28