Cash is king.
New documents reveal that Russia has shipped $315 million in cash to Venezuela over the course of a year in an apparent effort to keep Nicolás Maduro’s embattled government afloat.
Bloomberg reports that US dollars and euro notes were sent from Moscow to Caracas in six separate shipments from May of 2018 to April of 2019. According to the report, the data was obtained by ImportGenius, a Scottsdale-based business intelligence provider that compiles Russian customs records secured through private sources.
The cash was sent by plane.
The cost of moving the $315 million on six round-trip flights, totaling approximately 74,020 miles (119,124 kilometers), would include fuel costs, personnel and other related expenses as well as flight time – roughly 13 hours one way – estimated at 156 hours for 12 trips. At best, if the transactions only involved one-way flights, that would cut down the cash transfers to 78 hours.
In June, Binance CEO Changpeng Zhao tweeted the cost of moving $1.2 billion in Binance Coin: $0.015 in 1.1 seconds. The crypto transaction was also traceable and trackable on the blockchain.
This transaction: cost $0.015 USD in fees, took 1.1 seconds, and $1.2 BILLION in value transferred.
The future is here. https://t.co/vie0B79zKC
— CZ Binance (@cz_binance) June 26, 2019
While cryptocurrency enthusiasts point out that transactions of this magnitude cost pennies, cryptocurrencies are often excoriated by government officials for having ties to money-laundering operations, terrorists and tax evaders.
In a recent press conference, US Treasury Secretary Steven Mnuchin blasted cryptocurrencies as being a “national security issue.”
According to Mnuchin,
“Many players have attempted to use cryptocurrencies to fund their malign behavior.