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It is claimed that in Venezuela, Bitcoin and Litecoin will join the payment platform called Patria (Patriot), which is the state wallet application.
Venezuela continues to take serious steps in cryptocurrency. It is claimed that Bitcoin and Litecoin will join the payment platform called Patria (Patriot), the application of the state wallet, in the country where the value of Bolivar, the currency of the country, is decreasing day by day due to the hyperinflation and the use of Bitcoin is on the rise. The authorities said that in this way citizens can receive payments in the form of cryptocurrencies.
Bitcoin’s participation in the country’s national payment system is expected to further increase the use of Bitcoin and cryptocurrencies in Venezuela. Venezuela ranks 3rd among the countries with the highest use of cryptocurrencies in the world. While the statement is made on Patria’s official website, Maduro’s government is trying to reduce the effects of US sanctions that have hit the country in recent years.
Venezuelan officials expect the use of the Petro-BTC and Petro-LTC pairs to increase after the addition of the Petro-BTC and Petro-LTC pairs, which have not seen the effect they expected so far. Despite all these developments, no information was provided on starting the application. On the other hand, the government will also receive a commission for transactions to be made in Bitcoin, Litecoin and Petro.
In the declaration made it was also specified that the system will be activated gradually and that there will first be a trial period with a certain number of users.
Despite statements by US officials that Bitcoin has been used against them for a long time, Venezuela appears to be taking bolder steps in using cryptocurrency with this move. Maduro’s government recently approved and formalized cryptocurrency mining in the country.
Like this update, Maduro’s government is expected to take more positive steps in using decentralized and censorship-resistant currencies like Bitcoin.
