The Venezuelan Army has inaugurated a cryptocurrency mining center with bitcoin mining equipment aimed at generating “unblockable income,” as the country attempts to bypass U.S. sanctions. The crypto mining center has the support of the country’s crypto regulator, Sunacrip.
Venezuela’s Army Starts Cryptocurrency Mining
The Venezuelan Army’s cryptocurrency mining center was inaugurated on Nov. 19 by the 61st Agustín Codazzi Engineer Conditioning Brigade, according to local media.
The inauguration was led by the General of the Bolivarian Army Lenin Herrera, Commander of the Brigade. He was accompanied by Major General Domingo Hernández Lárez, Commander of the Bolivarian Army and one of the highest-ranking military personnel in Venezuela. Also present at the event were representatives of the Superintendencia Nacional de Criptoactivos y Actividades (Sunacrip), the regulator of the crypto sector in Venezuela, and the private company Crypto & Trading.
The Brigade posted a video on Instagram explaining its mining operations. “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,” it details, as translated by Bitcoin.com. The mining center has the support of more than 26 national legal norms, the country’s new anti-blockade law, Sunacrip, and the civic-military alliance.
The video continues:
The era of cryptocurrency production begins in all units of the military component, which will be unblockable income.
“These local mining farms and the miners’ refurbishment line allow production in real-time, defeating the fiat system, blocked and managed by colonialist interests that have affected the Venezuelan people,” the video concludes.
The Venezuelan National Constituent Assembly (ANC) approved the anti-blockade bill in October. The legislation was announced by Nicolas Maduro as a legal tool to combat U.S. sanctions against the Venezuelan economy.
The bill allows the Venezuelan government to “implement programs to ensure the investment from technicians, academics, businesses, workers’ councils and popular organizations in projects or alliances in strategic sectors,” local media described. It also allows the government to “suspend, in specific cases, legal norms that are inapplicable or counterproductive” due to sanctions.
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Image Credits: Shutterstock, Pixabay, Wiki Commons, Venezuela’s Army
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