Venezuela is currently the subject to numerous sanctions imposed by Washington, which accuses the Venezuelan government of violating human rights and undermining democracy.
Venezuela have been going through a socioeconomic and political crisis since 2010 .
I can only say the US sanctions is making it harder for Venezuela, as it will limit the possible solutions and policies for the Venezuelan officials,but most importantly, the people of Venezuela suffers!!! Perhaps removing US sanctions will help them recover at a much faster pace.
As a result of the sanctions, Venezuela’s central bank has been purchasing gold from small miners in Turkey and then refining the precious metal to use as monetary gold. So far Caracas has been seeking to shore up its international reserves which have plunged as Venezuela struggles with the country's worst-ever economic crisis. After being refined in Turkey the gold is taken back to Venezuela to become part of the central bank’s portfolio of assets.
US sanctions – penalties that deter the country from carrying out banking operations in Switzerland.
Due to hyperinflation, Venezuelans have been increasing cryptocurrency mining operations and adopting the use of cryptocurrency to support their economic activity. I think that they are very forward-looking people, setting an example for the world in how we can use cryptocurrencies.
As they have been going through a hard time since 2010, I cannot imagine how much the people have been suffering. I hope they find a solution soon, let's all #prayforVenezuela, for its citizens who have been suffering the most!
Article: https://www.rt.com/business/433701-venezuela-refine-gold-turkey-sanctions/
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