Venezuela leverages tax revenue and cryptocurrencies to avoid sanctions: report

Friday 26 July 2019 10:09 CET | News

Spanish newspaper ABC has found that Venezuelan president Nicolás Maduro and his administration appear to turn tax revenue from domestic airports into Bitcoin and other cryptocurrencies.

The investigation revealed that the Venezuelan president is leveraging tax revenue and cryptocurrencies as part of a broader effort to evade economic sanctions. Maduro and his associates were using a digital wallet app to turn tax revenue from domestic airports into Bitcoin and other cryptocurrencies that were then transferred to exchanges in Hong Kong, Hungary, Russia and China. There, the funds were converted and sent back to Venezuela, according to the report.

The newspaper alleges that the tax revenue in question came from the Maiquetia International Airport (IAIM) located near Caracas, the country’s capital. Also, the taxes were collected through an automated system that works with an app called Jetman Pay.

Maduro’s administration is said to be in talks to expand its use of the app, including for proceeds it collects from refuelling airplane that traffic the airport, CoinDesk added.

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Keywords: cryptocurrency, Venezuela, Jetman Pay, Bitcoin, taxes, Nicolas Maduro
Countries: World

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