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Venezuela is buying Bitcoin with airport taxes to smuggle in US dollars, report


Venezuela appears to be leveraging cryptocurrencies as part of a larger effort to bypass US sanctions. According to an investigation by Spanish newspaper ABC, President Nicolas Maduro and his administration are using a digital wallet app called Jetman Pay to convert tax revenue from one of the country’s main airports into Bitcoin and other cryptocurrencies. The newspaper claims to have unearthed a scheme whereby cryptocurrencies are sent to foreign exchanges in Russia, China, Hong Kong, and Hungary. Once received, the funds are converted into US dollars and sent back to Venezuela. For the moment, Jetman Pay is only being used by…

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