Circle to distribute USDC to Venezuelan citizens in support of politician Juan Guaidó

Circle payment company announced cooperation with the US authorities, in which the USDC stabilcoins will be distributed among Venezuela citizens in support of the politician Juan Guydo.

Circle Director General Jeremy Ellir (Jeremy allaire) said, that this is the first cooperation firms with state bodies. To distribute material assistance to the residents of Venezuela, Circle will use USDC stabiblcoins, tied to the US dollar in the ratio 1:1. 

Ellir said, that the initiative is aimed at supporting the Venezuela Government, in exile ". Many countries, Including the United States, recognize Guydo as the chosen president of Venezuela, However, the current president of the country Nicholas Maduro did not accept the election results and retained power.

In January 2019 years, the Venezuela National Assembly called Maduro a “usurpator” and appointed Guido as a temporary president. Ellir said, that after that sanctions were imposed, And funds, belonging to the government, were seized.

The US Department of Finance is trying to send these funds directly to the residents of Venezuela, But Maduro took measures, To prevent the distribution of these funds. To solve this problem, ARTM startup was involved, specializing in P2P payments.

Not reported, Which unit of the US government is cooperating with Circle and Airtm. Money will go through circle in ARTM, and then transferred to USDC users of ARTM mobile digital wallet.. Ellir noted, that today AIRTM has been using the services of Venezuela already half a million.

“In this way, you can bypass the banking system, controlled by the state, And just give out money directly to people. This will be the first case, when the United States can effectively solve the problem, related to foreign policy, Using stabiblcoins to help foreign citizens. The existing dollar banking system does not cope with this task. Given the dictatorial regime in the country, Venezuela residents must use VPN and digital currencies, To get around control ", He said.

Last month, Ellir said, that dollar stabiblcoins attract new users to the cryptocurrency market and improve the work of organizations, Eliminating the need to contact banks.