Venezuela will implement cryptocurrency payment system
The Government of the Caribbean country said it is still working on new instruments to strengthen the economy of Venezuela
The president of Venezuela, Nicolás Maduro, announced in a special transmission to the country that, along with his ministerial train, they are working on cryptocurrencies to implement this mechanism as a free system for national and international payments, adding that in the coming days they will nring more Information on the subject.
Maduro stressed: “The Ministry of Finance and the Central Bank of Venezuela (BCV in Spanish) have new instruments, which we will activate very soon so that everyone can make banking, financial transactions, nationally and internationally, through the accounts of the Central Bank of Venezuela.”
The statements of the governmental representative were released after it was recently known that the international reserves of the South American nation are valued in bitcoin (BTC) and ethereum (ETH). Although the amount of digital currencies that comprise these reserves is unknown, the financial news agency Bloomberg reported that, according to confidential sources, the country’s national oil company (and main source of revenue), Petroleos de Venezuela (Pdvsa), is exploring ways of sending BTC and ETH to the Central Bank.
The intention is for Venezuela to reduce the debt it retains with international suppliers through the cryptocurrency payment system.
As indicated in the report published by the media: “The staff is also studying proposals that would allow cryptocurrencies to be accounted for as part of international reserves, which are now at their lowest level for the last three decades, about $ 7.9 billion.“
K.Villarroel
Source: morocotacoin
