Russian bank helps Venezuela defy US cryptocurrency sanctions
CARACAS: Investors looking to buy Venezuela’s new cryptocurrency may want to head to a little-known Moscow bank whose biggest shareholders are President Nicolas Maduro’s socialist government and two state-controlled Russian companies under US sanctions.
Evrofinance Mosnarbank has emerged as the only international financial institution so far willing to defy a US campaign to derail the world’s first state-backed digital currency, called the petro, even before it begins to function.
Early would-be investors who registered with Venezuela’s government and downloaded the petro’s wallet software available in Spanish, English and Russian were then invited to buy the cryptocurrency by wiring a minimum of 1,000 euros to a Venezuelan government account at Evrofinance.
The bank’s place in the rollout of the petro is further evidence of Russia’s role in the creation of a cryptocurrency that much of the digital world has shunned but that Maduro hopes will allow Venezuela to circumvent US financial sanctions imposed last year.
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