US military links use of crypto-currency in Venezuela to drug trafficking

The US Armed Forces Southern Command has again raised the issue of Nicolas Maduro’s use of crypto-money for illegal activities.

According to a local Costa Rican newspaper, in the middle of a diplomatic visit to Costa Rica this week, Craig Faller, who is the head of the U.S. Armed Forces Southern Command, again linked the use of crypto currency by the Nicolás Maduro Administration to illegal activities, this time emphasizing drug trafficking.

The meeting was attended by Michael Soto, Minister of Public Security of Costa Rica, Sharon Day, United States Ambassador to Costa Rica, and other Costa Rican and United States public officials.

Admiral Faller went so far as to state directly that the Nicolás Maduro Administration has „deep tentacles in crypto bull-money, in the digital world, cyber-weapons,“ adding that these tools have been at the service of „narco-terrorists“ and have served to increase drug trafficking in Costa Rica, Guatemala and Honduras.

Crypto-currencies to avoid sanctions

As we recently reported in Cointelegraph, this is not the first time that the use of cryptomontages by Nicolás Maduro has been echoed in Venezuela by the US Armed Forces Southern Command.

At the beginning of October Faller himself mentioned in a virtual conference that they were closely monitoring the use of these assets by Nicolás Maduro and his administration and were aware of the latter’s attempts to use cryptomoney to evade the economic sanctions the United States has imposed.

On the other hand, Nicolás Maduro has gone ahead with the idea of using crypto-currencies at the state level and has sought to do so through the so-called „Anti-Blockade Law“, a legal body that was also presented in October and which, according to Maduro’s administration, seeks to provide legal and judicial tools so that Venezuela can obtain financing and bypass the blockades. It is important to note that among the tools mentioned in the law is the use of crypto-currency to achieve the objectives.