Venezuela Roundup: Cryptocurrency crisis, tax controversy, medical aid

Trinidad and Tobago government's payment of $1 million in taxes

According to Energy Minister Stuart Young, the Trinidad and Tobago government's payment of US$1 million in taxes to Venezuela for the Dragon gas field is not unusual. According to Trinidad and Tobago News Day, he defended the payment as part of the exploration and production license and stressed that the deal has the potential to bring billions of US dollars in revenue to Trinidad and Tobago. Opposition Senator Anil Roberts questioned the decision, but Young defended it and criticized the previous government's handling of the Lifesport program. Senator Roberts was instructed to move on to the next question during the exchange.

Venezuela to join BRICS

Russia supports Venezuela's desire to join the BRICS group, which represents 37% of the world's GDP. The decision about new members is made jointly by the group. Venezuela, Colombia, and Bolivia have expressed interest in joining. As reported by Telesur, the BRICS group currently includes Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, and Iran. The group's GDP will represent 37% of the world's GDP and 46% of the world's population. Argentina was also invited to join but did not due to a change in government.

Medical aid

Iran has announced that it will assist Venezuela in deploying medical accelerators following a request from the Venezuelan government. Discussions have taken place to advance specialised and technical cooperation, including the export of vaccines and other pharmaceutical products, and improving educational systems. According to the Tehran Times, the Pasteur Institute of Iran and the Venezuelan Scientific Research Institute have signed a Memorandum of Understanding expressing their desire for a sustainable scientific partnership.

Cryptocurrency mining farms' disconnection

Venezuela's Ministry of Electric Power is disconnecting cryptocurrency mining farms from the national power grid to control high energy demand and ensure reliable service for citizens. This follows the seizure of 2,000 mining machines and arrests of officials as part of an anti-corruption campaign. The country has faced an ongoing electricity crisis, worsened by frequent power outages. Finbold reports that experts blame poor maintenance, while the government blames sabotage. The government is also promising to modernise the state-controlled power network. Bitcoin and cryptocurrency mining are known for high energy consumption, and countries like China and Kazakhstan have banned the activity to preserve their power grids.

Opposition leader preaches peace

Venezuelan opposition candidate Edmundo Gonzalez promises political freedom if he wins the July election. He urges the military to uphold the Constitution. Support for the opposition is growing, with 50% of voters backing Gonzalez. If the opposition fails, supporters plan to leave the country in search of a better future, Market Screener reports.