The Venezuelan Central Bank is conducting internal tests to determine if it can add Bitcoin and Ether cryptocurrencies to its international reserves, according to a Bloomberg report.
Cryptocurrencies at the Central Bank of Venezuela
For more than ten years, Venezuela has been isolated from the global financial system after tightening US sanctions. Severe fines are increasingly forcing the government, central bank, state-owned companies and large industries to turn to alternative currency reserves.
Due to the current situation, the State Oil and Gas Company Petroleos de Venezuela SA (PDVSA) has begun to deal with the long-term consequences of these sanctions by offering cryptocurrency payments to suppliers.
PDVSA hopes that the Venezuelan central bank will pay suppliers to the company on its behalf, using the received Bitcoin and Ether.
Currently, the Central Bank of Venezuela continues to study proposals for introducing cryptocurrency into the country's international reserves. Which are currently at a 30-year low of $7.9 billion.
Interesting in the section: Petro – Venezuelan cryptocurrency. Token features
- In 2018, the Venezuelan government launched the state-owned Petro cryptocurrency, supported by the country's oil reserves. More recently, government officials have launched various platforms to encourage the use of Petro.
- Recently, residents of Venezuela received humanitarian assistance from the organization Bitcoin for Venezuela. Home cryptocurrency has become a tool to support thousands of residents.
- On August 28, Venezuelan authorities launched a platform for money transfers from abroad in the state Petro cryptocurrency. "This is the only way where your income will not depreciate," the government said.