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By Extreme
V.Eenezuela has announced that it will include cryptocurrencies such as Bitcoin and Litecoin wallets in Patria’s cryptocurrency remittance platform. The government authority has further updated that this step will allow Venezuelan citizens to officially receive cryptocurrency remittances. Although several Venezuelan citizens already use Bitcoin and use this cryptocurrency to make cross-border payments, this new government update will give these transactions formal status.
Venezuela’s next step in embracing cryptocurrencies: adding Bitcoin-Petro trading pairs
Venezuela is already one of the main markets for using cryptocurrencies in the world. The country ranks third on the list of the highest cryptocurrency usage in the world. And the government is keen to push this trend and is making continued efforts to increase and regulate the use of cryptocurrencies. And this latest announcement is part of those efforts.
The formal announcement of the inclusion of the Bitcoin and Litecoin wallets in the National Remittances Platform came via a blog post from Patria. This announcement is part of the Venezuelan government’s numerous amendments regarding cryptographic policies to counter the effects of US sanctions.
The Venezuelan government is already on the US government’s radar. The US government has continually accused the Venezuelan government of using Bitcoin to evade sanctions.
But even then, it seems Venezuela is too keen to adopt the leading cryptocurrency in their formal financial transactions. And the recent announcement of formal recognition and approval of cryptocurrency mining is a reflection of that.
The update released on October 28 discusses the inclusion of petro [and] Bitcoin and petro [and] Litecoin pairs in a structured trading system. But the blog does not provide further details on when this inclusion is expected. This update makes it clear that the government is still confident in the relaunch of its “Petro tokens”, which initially failed to generate interest.
Bitcoin trade increases in Venezuela and around the world.
However, cryptocurrencies continue to attract widespread interest. The use of cryptocurrencies in transactions has increased rapidly, not only in Venezuela but also around the world. With the opening of several trading platforms, making Bitcoin transactions has become more convenient. And trading apps like Bitcoin Revolution Trading App they have developed seamless trading procedures and offer critical updates that help traders make wise trading decisions.
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Therefore, the ease of transactions and the ever-increasing importance of cryptocurrencies have fueled the surge in Bitcoin trading around the world. For Venezuelan citizens, Bitcoin trading is even more profitable as they are hit hard by hyperinflation.
The government charges fees and commissions for the exchange and remittances.
The government announcement also states that it is planning to have “fees and commissions for exchange and remittances”.
The blog talks about it in detail stating that the government will implement a service fee for all operations carried out in the Petro, Bitcoin and Litecoin portfolios.
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Introduction of all updates in stages
The blog does not provide a formal date for the release of all the updates mentioned above, but it does clarify that these features will be introduced in stages.
It is stated that in the initial dates of the updates, “some of these features may not be available and therefore may not close the circuit for users who, in advance and under their full responsibility, decide to test these updates”.
The blog explains that the Patria platform will gradually include all these and other services as it will require several days of updating and monitoring due to their extension.
(Disclaimer: The article is sponsored and therefore promotes some commercial links.)
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