Several Venezuelan officials have been indicted by the US for using virtual currencies to evade sanctions.

According to Odaily Planet Daily, cryptocurrency is transforming from a marginal sector to an economic pillar in Venezuela. Merchants are accepting payments through digital wallet platforms like Binance and Airtm, and some companies are even using cryptocurrencies to pay employees. Even senior Venezuelan government officials have dabbled in cryptocurrencies, with several officials facing indictments in the United States for using virtual currencies to evade sanctions or launder money. A local user stated that when receiving large amounts of bolivars, he would purchase USDT on Binance. Although this resulted in short-term losses, it was profitable in the long run. (FT)