Venezuelan Army dives into BTC mining to generate unblockable income
- This move seeks to help the country circumvent US sanctions against the Venezuelan economy.
- The crypto mining center went live on November 19, and it has the support of Sunacrip.
- According to the Venezuelan Army, fiats are blocked and managed by colonialist interests.
Venezuela’s army has rolled out a crypto mining center containing BTC-mining rigs. A report unveiled this news on December 1, noting that the army seeks to generate unblockable income through crypto mining. Per the publication, the mining center is backed by Superintendencia Nacional de Criptoactivos y Actividades (Sunacrip), Venezuela’s crypto regulator.
According to the report, the 61st Agustín Codazzi Engineer Conditioning Brigade of the Venezuelan Army inaugurated the mining center on November 19. The commander of the brigade, General Lenin Herrera of the Bolivarian Army led the ceremony. General Herrera presided over the ceremony alongside Major General Domingo Hernández Lárez, the commander of the Bolivarian Army. Representatives from Sunacrip and Crypto & Trading, a private crypto company also graced the event.
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The 61st Agustín Codazzi Engineer Conditioning Brigade posted a video on its Instagram handle saying,
“For the sake of strengthening and self-sustainability of our Bolivarian army, the harvesters of the 61st Agustín Codazzi Engineer Conditioning Brigade, proudly present the technological [blockchain] project of the Army’s digital asset production center.”
Leveraging crypto to bypass US sanctions
The brigade added that the project has the support of more than 26 national legal norms. These include, but are not limited to Venezuela’s new anti-blockade law, Sunacrip, and the civic military-alliance, among others. The brigade went on to note that the era of crypto production starts in all units of the military component, which will be unblockable income.
Additionally, the brigade noted that the local mining farms and the miners’ refurbishment line will allow the real-time production of crypto. In so doing, the army seeks to facilitate the downfall of the fiat system, which it claims to be blocked and managed by colonialist interests, which have for a long time affected the Venezuelan people. This news comes after the Venezuelan National Constituent Assembly (ANC) approved the anti-blockade bill in October this year. The country’s president, Nicolas Maduro announced this legislation, claiming that it is a legal tool to fight US sanctions against Venezuela’s economy. Reportedly, the bill enables the Venezuelan government to launch programs that will allow investments from technicians, academics, businesses, workers’ councils, popular organizations. The bill, if passed into law would also allow the government to suspend legal norms, that sanctions have rendered inapplicable or counterproductive.