Maduro Declared President by Venezuela’s Election Authority Amid Crypto-Fueled Dispute

Last Updated on July 29, 2024

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Key Takeaways:

  • Nicolas Maduro reelected as Venezuela’s President with 51% of the vote, amidst opposition claims of victory.
  • The election highlights Venezuela’s economic crisis, international sanctions, and reliance on cryptocurrency, with $461 million received in crypto remittances in 2023.
  • Maduro commended the electoral system and claimed a foreign hack attempt failed; U.S. officials expressed concerns, while Cuba’s president praised Venezuelans’ resilience.

Nicolas Maduro has been reelected as Venezuela’s President, according to the country’s election authority, which is loyal to him.

Despite opposition claims of victory, Maduro secured 51% of the vote, while opposition candidate Edmundo González received 44%, based on 80% of voting stations.

This election reflects ongoing tensions in Venezuela, where the economic crisis, international sanctions, and the exodus of nearly 8 million citizens have increased dependence on cryptocurrency.

In 2023, Venezuela received over $461 million in crypto remittances.

Maduro praised the electoral system and alleged a failed foreign hack attempt in his victory speech.

U.S. Secretary of State Antony Blinken and Vice President Kamala Harris expressed concerns about the election, while Cuban President Miguel Díaz-Canel praised Venezuelans’ resilience.

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