Amitoj Singh is a CoinDesk reporter.
Nicolas Maduro has been relected Venezuela's President, the election authority, controlled by Maduro loyalists has said.
The opposition too has claimed victory in a nation where the dependence on crypto is fueled by multiple crises. Venezuela's election body has announced that Nicolas Maduro has been reelected President of the nation, even though the opposition has claimed victory too, according tosituation, international sanctions, and nearly 8 million citizens fleeing the country in the past decade. It is one of the primary remittance-dependent nations in the continent with over $461 million in remittances in 2023 coming through cryptocurrencies, according to blockchain analysis firm Chainalysis.
Venezuela's state-owned oil company, PDVSA, even looked to Tether as a means to bypass sanctions placed on it by the United States, according tosecured 44% but since these results were based on 80% of voting stations, this marked an irreversible trend, the Associated Press, Maduro praised the electoral system, alleged the system was the target of a failed “massive hack” by a foreign actor, which he refused to identify, and called Argentina’s President Javier Milei a “sociopath.
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