Maduro Bans BTC Exchanges From Giving Money To Health Workers

Maduro bans BTC exchanges from giving $18 million to health workers during the ongoing coronavirus pandemic as we are reading more today in our latest bitcoin news.

Venezuela’s opposition government aims to distribute $18 million of funds seized from the country’s Maduro regime and one crypto company AirTM will now handle the payouts. Though the subversive intentions are quite impressive, this plan could not be workable on a larger scale. AirTM a Venezuela-based crypto exchange was selected to redistribute $18 million worth of funds seized from the controversial Maduro government.

After trying to block the distribution, activities provided the users with a guide to using a VPN. After seizing the funds from Maduro’s government in April, the authorities of the US have granted the opposition of Venezuela access to the funds. The $18 million in question will be distributed to 62,000 healthcare workers in the country starting on Monday. They will be able to claim the $100 per month for three months in a row.

1/ An absolutely incredible story out of Venezuela today. @theairtm, a @Coinbase funded digital currency exchange, has been elected to redistribute $18M in US government seized corruption funds of the Maduro government back to 62,000 healthcare workers in Venezuela.

— Matt Ahlborg [UsefulTulips.org] (@MattAhlborg) August 21, 2020

The opposition party chose AirTM to distribute the funds due to the popularity of the peer-to-peer crypto exchange. It’s not clear whether the recipients will receive Bitcoin or the air TM dollars as a part of the giveaway. The fact that the exchange is willing to resist Maduro’s regime is also important. Maduro’s government tried to block access to the exchange this week and AirTM published instructions on how to bypass this by using VPN software.

Maduro bans BTC exchanges from providing the funds to the healthcare workers but they used the VPN software to bypass his restrictions. Coinbase and Binance carried out fundraising efforts for a lot of causes and this platform was involved in past crypto airdrops such as Airdrop Venezuela. However, the efforts have been compliant with the rules and demands that were put in place by regulators and governments. AirTM’s current actions are subversive and by carrying out this transfer, they aligned itself with the president Guaido and pitted against Maduro. Though the US supports Guaido, AirTM’s involvement is a risk that many companies might not take.

Crypto companies don’t have the freedom to distribute funds and AirTM is at the mercy of the regulations and laws. It, therefore, has the power to deny payments to users especially if authorities put pressure on it.