The administration of the President of the United States Donald trump is considering the introduction of sanctions, which in fact will force Visa and Mastercard and other financial companies to suspend service payments on the territory of Venezuela. It is reported Bloomberg.
According to officials, this measure will have a significant pressure on the government of Nicolas Maduro, whom Washington President does not recognize. It also means the prohibition for us companies to cooperate with any company that recognizes the legitimacy of the Maduro.
Note that the foreign business is mainly working with Venezuelan banks to process payments within the country. Most of these enterprises belong to the state.
Officials stressed that such restrictions already imposed against Syria, North Korea, Iran and Russia (to a lesser extent).
The purpose of these sanctions is the ruling elite, headed by Maduro, senior military and regime supporters who have access to banking. How might this influence the population as a whole — the officials still find it difficult to answer, however there are methods that allow you to make exceptions for medicines and food products.
If the White house will begin to move in this direction, it will also affect Venezuelan contractors such giants as General Electric, Cargill, and American Airlines Group.
Yesterday, March 16, head of the National Assembly of Venezuela and the main enemy of the government of President Juan Guido stated that the Venezuelan opposition managed to establish control over the oil company Citgo — a subsidiary of state giant PDVSA. It probably also is an unfavorable news for Nicolas Maduro.
QuerÃan robárselo todo, pero ya tenemos de control @CITGO y la licencia para seguir operando la empresa, rescatando un importante activo de la Nación.
Abandonemos Quieren que las calles, pero mañana todos saldremos a organizarnos para cesar al usurpador. https://t.co/0h2ZovJphq
— Juan Guaidó (@jguaido) on 15 March 2019.
Recently, under us sanctions and Russian “Evrofinans Mosnarbank”. They accused him of cooperation and support from the PDVSA, and the connection with the cryptocurrency El Petro. After it became known that VTB will be donated to the share of the Bank in property of the government, and the agreement is approved by first Deputy Prime Minister Anton Siluanov.
With high probability we can assume that in case of refusal of Visa and Mastercard to service the payments in Venezuela effective solution for the population will use bitcoin for payments. Given that the Venezuelans for years to minimize the associated risks hyperinflation with the first cryptocurrency, the necessary infrastructure for mass distribution and acceptance already exists.
Read more about what is happening in Venezuela can be found in the exclusive ForkLog “Oil, poverty, bitcoin: how destroyed the Venezuelan economy and what it led to”.
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