There was a time when no country would dare to take a stand against the might of the United States. Similar to the British Empire, the United States of America enjoys its power and resources. However, the difference is that the British only ruled over the Sub-Continent, whereas the United States enjoys ruling over the entire world.
History itself is the witness of America’s might as whenever a country stood up to face it, it was simply destroyed by America both from the outside as well as the inside. If America does not like a country or its development, then it is highly likely for the country to be facing sanctions any time soon.
However, America’s rule and might seem to be coming to an end as many countries have now started to step up. Countries like China, Germany, and Russia are trying their best to beat America in the economic race. The main goal is to be recognized globally as the country with the largest currency reserves.
The same has been the case with Venezuela as it has sworn to find a way to get rid of the sanctions that the United States has ruled against them. On the 29th of September, 2020, the President of Venezuela, Nicolas Maduro made a speech in front of the Venezuelan Parliament. In his speech, he sounded very confident when he said that wants their entire country to rely more on the cryptocurrency platform.
He added that in the coming days, his Government will encourage its citizens as well as companies to adopt the crypto-platform. He stated that they will be integrating the Petro currency and other cryptocurrencies in their global and domestic infrastructure.
He mentioned that the reason for resorting to this option is to ensure that Venezuela stars adopting unique ways of revitalizing their economy and trades. This will eventually help Venezuela to get rid of the economic sanctions that U.S.A has passed against their country.
Venezuela is currently ranked on the 6th position when it comes to being the largest oil producer in the world. However, sanctions ruled by U.S.A are exerting a negative impact on their trades and business relations with other countries.
Therefore, Venezuela has decided to earn back its place in the global economy with the help of cryptocurrency technology.
Quite recently, it was revealed by one of the local Venezuelan paper publishers that Venezuelan Central Banks are in the process of performing tests and making transactions. Venezuelan central banks are performing these tests to highlight any technical abnormalities that can hinder all the efforts made by the Government.
Nicolas Maduro mentioned that so far the tests are bringing in very positive results. Once the testing is complete, Venezuela will first adopt the top 2 cryptocurrencies that are Bitcoin (BTC) and Ethereum (ETH).