Venezuela relies on cryptocurrency to facilitate oil sales following the imposition of new sanctions by the U.S., causing worry among many. Recent reports indicate that the Venezuelan state oil company PDVSA is considering increasing the use of cryptocurrency for oil exports.

A study conducted by Venezuelan opposition figure Leopoldo Lopez and Kristofer Doucette suggests that democratic authorities should take action against the misuse of Venezuelan cryptocurrency by Nicolas Maduro's government.

Doucette, a national security expert at Chainalysis, a company specializing in preventing money laundering in cryptocurrency transactions, emphasized the importance of implementing effective anti-money laundering measures.

In regions where traditional financial institutions are lacking, the adoption of cryptocurrency allows for financial transactions. Nevertheless, corrupt governments may exploit the anonymity of the crypto market for illicit purposes.