The Venezuelan Army has inaugurated a cryptocurrency mining center with bitcoin mining equipment aimed at generating â€œunblockable income,â€ as the country attempts to bypass U.S. sanctions. The crypto mining center has the support of the countryâ€™s crypto regulator, Sunacrip.
Venezuelaâ€™s Army Starts Cryptocurrency Mining
The Venezuelan Armyâ€™s cryptocurrency mining center was inaugurated on Nov. 19 by the 61st AgustÃn 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 HernÃ¡ndez LÃ¡rez, 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. â€œFor the sake of strengthening and self-sustainability of our Bolivarian army, the harvesters of the 61st AgustÃn Codazzi Engineer Conditioning Brigade, proudly present the technological [blockchain] project of the Armyâ€™s digital asset production center,â€ it details, as translated by Bitcoin.com. The mining center has the support of more than 26 national legal norms, the countryâ€™s new anti-blockade law, Sunacrip, and the civic-military alliance.
The video continues:
â€œThese local mining farms and the minersâ€™ refurbishment line allow production in real-time, defeating the fiat system, blocked and managed by colonialist interests that have affected the Venezuelan people,â€ 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 â€œimplement programs to ensure the investment from technicians, academics, businesses, workersâ€™ councils and popular organizations in projects or alliances in strategic sectors,â€ local media described. It also allows the government to â€œsuspend, in specific cases, legal norms that are inapplicable or counterproductiveâ€ due to sanctions.
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