Venezuelan President Nicolás Maduro has recently hinted at a possible revival of the country’s cryptocurrency initiatives, despite a significant setback involving the national oil company PDVSA. In a recent meeting with banking sector representatives, Maduro discussed Venezuela’s future approach to cryptocurrency. He emphasized the need to “retake the crypto path” after a costly incident involving the PDVSA-Crypto scheme.

The PDVSA-Crypto scandal cost $20 billion as the funds arising from the oil exports sold through cryptocurrency were not recorded. This resulted in legal and financial consequences, such as the arrest of Joselit Ramírez, who used to be the head of Sunacrip or the Venezuelan cryptocurrency regulatory authority, and Tareck El Aissami, who served as the president of PDVSA. Sunacrip, the national cryptocurrency authority, has been in the process of restructuring for over a year.

Maduro Advocates for Cryptocurrency Comeback Amidst Past Scandals and Mining Issues

Maduro recognized past attempts in this area by the country and proposed to invest in it once again. This prompted him to comment on the global move towards the system of multiple currencies that includes fiat money in the form of dollar, yuan, ruble, rupee, and others. He said, “Let’s discuss the world of cryptocurrencies. We started that path and we have to get back on it because some bandits and thieves destroyed the path of cryptocurrencies but we are going to get back on it.”

Maduro, however, omitted information on what becomes of the petro, Venezuela’s national cryptocurrency that was earlier reported to be on the brink of collapse this year. The petro was Supposed to be one of the cornerstones of Venezuela’s crypto actions and policies but it had its problems and doubters.

Aside from the problems with PDVSA and Sunacrip, another ill has affected the country’s cryptocurrency mining industry. Over 17,000 mining machines were seized in May by the National Power Ministry as a way of trying to tackle the power deficits due to many power blackouts.

The recent statement by Maduro shows an indication of venturing toward the restoration of cryptocurrencies as assets in Venezuela’s economy though; the plans and time restraints are yet to be seen.

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