Venezuelan President Nicolas Maduro is working to prevent the country from cracking down by applying the use of various cryptocurrencies.
Restrictions from the United States (US) prompted the president to submit a new bill to address the huge impact in the future.
Through the introduction of the bill as well, Venezuela will seek to see the potential space for the use of various cryptocurrencies either domestically or internationally.
Maduro also sees this opportunity as a way to strengthen the use of Petro, Venezuela's oil-dependent crypto currency, including other cryptocurrencies.
For now, the bill is still being refined by Venezuela's legislature, the National Constituent Assembly.
Previously, the country's government was not interested in cryptocurrencies other than Petro. In fact, using Petro in giving Christmas bonuses in 2019 and month bonuses to retirees in 2018.
Perhaps, after Venezuela was selected as the country that licensed crypto mining, Maduro began to ‘open his heart’ to other cryptocurrencies such as Bitcoin and Ethereum.
Petro was launched in February 2018 and is the world's first oil-based cryptocurrency.
According to reports, the currency was developed to attract foreign investment including avoiding US sanctions on Venezuela.
However, the currency is not available for overseas purchases. Petro can only be bought among Venezuelan investors.
