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Bitcoin (BTC) and Litecoin (LTC) wallets will be incorporated into Venezuela’s remittance platform
Venezuelans will soon be able to formally receive remittances from abroad in BTC and LTC.
Facing hyperinflation at home, Venezuelans have used cryptocurrencies such as Bitcoin to receive remittances from abroad and a store of value. Maduro’s government recently announced plans to incorporate BTC and Litecoin (LTC) into the country’s existing remittance platform, making it easier for its citizens to receive their cryptocurrency funds.
In an announcement made on October 31, the Patria Cryptocurrency Remittance platform announced that it will incorporate Bitcoin (BTC) and Litecoin (LTC) wallets into its platform, Bitcoin.com reported. The move will allow Venezuelans to formally receive the incoming remittance in cryptocurrency.
“The Patria platform informs about the updates that will be made in the operation of the cryptocurrency remittance platform, the currency and cryptocurrency exchange system, as well as the Petro, Bitcoin and Litecoin wallets,” Patria said on October 28, 2020, posted on its website .
The announcement also detailed some of the changes that will be implemented on the platform. Aside from the incorporation of BTC and LTC wallets, the updates will allow the platform to receive remittances in Petro and the cryptocurrency itself.
With the update, users of the platform will be able to withdraw Bitcoin and Litecoin directly from the PetroApp wallet. The post also spoke of a “gradual update of commissions and fees for exchange and remittances” but at the moment the specifications have not yet been revealed.
The Venezuelan government is also planning “the implementation of a service fee for all transactions carried out in the Petro, Bitcoin and Litecoin portfolios”. However, the post did not provide details on this planned cryptocurrency service fee.
However, the platform will not implement all changes at the same time. “In the few days following this update, some of these features will only be available to a select number of users for the purpose of testing the changes,” the post added. “The Patria platform will gradually incorporate all these and other services, which due to their extension will require several days of updating and monitoring”.
The incorporation of Bitcoin and Litecoin wallets into the remittance platform is expected to increase the use of cryptocurrency in the country. Currently, Venezuela has the third highest use of cryptocurrencies in the world according to the Chainalysis Global Cryptocurrency Adoption Index.
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