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The Venezuelan military has inaugurated a cryptocurrency mining center with bitcoin mining equipment aimed at generating “unblockable revenue” as the country attempts to circumvent US sanctions. The cryptocurrency center has the backing of the country’s crypto regulator, Sunacrip.
Venezuelan army starts cryptocurrency mining
The Venezuelan Army’s cryptocurrency mining center was inaugurated on November 19 by the 61st Engineer Conditioning Brigade Agustín Codazzi, according to local media.
The inauguration was led by the Bolivarian Army General 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 in Venezuela. The event was also attended by 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 the strengthening and self-sustainability of our Bolivarian army, the reapers of the 61st Engineer Conditioning Brigade Agustín Codazzi, proudly present the technology [blockchain] military digital asset production center project, “explains, as translated by Bitcoin.com. The mining center has the backing of more than 26 national legal regulations, the country’s new anti-blocking law, Sunacrip and the alliance civic-military.
The video continues:
The era of cryptocurrency production begins in all units of the military component, which will have non-blockable entrances.
“These local mines and the miners’ renewal line allow production in real time, defeating the fiat system, blocked and managed by the colonialist interests that have affected the Venezuelan people,” concludes the video.
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 fight US sanctions against the Venezuelan economy.
The bill allows the Venezuelan government to “implement programs to ensure the investments of technicians, academics, businesses, workers’ councils and popular organizations in projects or alliances in strategic sectors”, described the local media. It also allows the government to “suspend, in specific cases, unenforceable or counterproductive legal rules” due to sanctions.
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Image credits: Shutterstock, Pixabay, Wiki Commons, Venezuelan Army
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