Venezuela expands the reach of its remittance platform with Bitcoin and Litecoin


Venezuela expands the reach of its remittance platform with Bitcoin and Litecoin 101
Source: Adobe / Zerophoto

The Venezuelan government is ready to review its crypto-compatible Patria remittance platform, allowing for full operability with bitcoin (BTC) and litecoin (LTC) wallets.

The platform allows people based abroad to send remittances to family and friends based in Venezuela, and also allows for home remittances in cryptocurrency. Its operators claim that Patria has around 20 million users.

Cryptocurrency remittances have become increasingly popular in the nation, which is subject to severe US-led sanctions that prevent banks and international payment providers from dealing with Venezuela-related transactions.

According to an official Facebook post and related blog post, Patria will be updated, although no timeline has been provided for this and some of the new features will initially only be available in beta test mode.

However, the changes could see a flat fee rate charged for all transactions conducted in LTC, BTC, and state-issued petro (PTR).

Patria also has basic trading functions, but these could be set for a revamp, with the addition of petro-bitcoin and petro-litecoin trading pairs.

The platform will also allow users to withdraw tokens from their bitcoin and litecoin wallets directly to the smartphone-based state-owned PetroApp. In addition, petro remittances will also be enabled.

The platform operators promised that new features were also on the way and wrote:

“The Patria platform will gradually incorporate all of these services and more. Due to their scale, they will require several days of updating and monitoring. “

The move follows a statement from last month’s crypto regulator, the National superintendence of cryptographic assets and related activities (Sunacrip), which said it would increase the amount of cryptocurrency that can be sent as remittances, allow citizens to use LTC and BTC wallets, and enable crypto exchanges.
To know more:
Cubans are turning to Bitcoin remittances with a 25% fee to defeat the blockade
How Gift Cards Powered Bitcoin’s P2P Trading
Venezuela wants to enter DeFi with the Ethereum-powered stock exchange
Maduro to allow the use of “All Global Cryptos” in international trade agreements

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