Bitcoin: Answer to Venezuela’s Sanctioned Oil Barrels.
From monetary policy mishandling to decentralisation of a wealth store, Bitcoin has proven to act as a solution to many financial problems. Bitcoin could also be a lead solution to Venezuela’s sanctioned oil now floating at the sea. There is more than 18 million barrels of Sanctioned oil belonging to Venezuela currently not in good use but just floating on the sea. Venezuela is one of many countries under strict sanctions from the United States. The US has been applying pressure to the country recently, seeking to cut off revenue flow to the regime. President Nicolas Maduro launched a cryptocurrency backed by oil, the petrol, in an attempt to skate sanctions. Trump banned the cryptocurrency in the United States. Due to the sanctions, and conditions in the oil market, Venezuela has over 18 million barrels of oil just floating at sea. This amounts to roughly two months of production in the country, unable to be monetised due to sanctions. Countries won’t do business with Ve