Venezuela's election authority declares Nicolas Maduro's victory, while the opposition also claims success amid widespread dependence on cryptocurrency.
Venezuela's election authority has declared Nicolas Maduro the winner of the presidential election, while the opposition also claims victory. Amidst the political turmoil, the nation's economic crisis has fueled a heavy reliance on cryptocurrency.
Key Points:
Election Results and Dispute:
The election authority, controlled by Maduro loyalists, announced Maduro's re-election with 51% of the vote.
Opposition candidate Edmundo González claims victory, disputing the official results.
Crypto Reliance Amid Economic Crisis:
Venezuela's dire economic situation and international sanctions have driven the country to depend on cryptocurrency.
Nearly 8 million citizens have fled Venezuela in the past decade.
In 2023, over $461 million in remittances came through cryptocurrencies, according to Chainalysis.
Government's Use of Crypto:
State-owned oil company PDVSA reportedly used Tether (USDT) to bypass U.S. sanctions.
The Petro cryptocurrency was discontinued in January 2024, five years after its launch.
International Reactions and Allegations:
U.S. Secretary of State Antony Blinken expressed serious concerns about the election results.
Republican Sen. Marco Rubio criticized the election as a "sham."
Cuban President Miguel Díaz-Canel praised the Venezuelan people's resilience.
The disputed election results have intensified Venezuela's political turmoil. The nation's dependence on cryptocurrency reflects its struggle to cope with economic hardships and international sanctions. As both sides claim victory, the future of Venezuela's leadership remains uncertain.
Source: Coindesk
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