Crypto firms work with Venezuela's government-in-exile to disburse funds to health care workers

Venezuela's opposition government-in-exile is working with crypto firms Circle and AirTM to distribute funds to health care workers in the South American nation, Circle said in an blog post on Friday.

Circle said the arrangement constituted "a collaboration with the Bolivarian Republic of Venezuela, led by President-elect Juan Guaidó, U.S.-based fintech innovator Airtm, and coordination and licensing with the US government." 

Guaidó, the president of the National Assembly of Venezuela, was declared the acting president of Venezuela in January 2019 following a widely-disputed election held the year before. Venezuelan president Nicolás Maduro was accused of rigging the election to hold on to power.

In the time since, Guaidó has won recognition from dozens of countries since, including the United States. The Trump administration has provided degrees of support to the Guaidó-led government-in-exile. Yet the US governments efforts have thus far failed to push president Nicolás Maduro out of office despite worsening socio-economic and health conditions in the country. 

According to Circle's blog, the new aid pipeline distributes funds seized in the U.S. from the Maduro regime and awarded to the Guaidó-led government and, via AirTM's service, distributes them to those on the front lines of Venezuela's fight against the coronavirus. Notably, it involves a pair of stablecoins as part of that process.

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