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The Venezuelan government doubled its pro-crypto stance by launching a cryptocurrency exchange – with support for Caracas’ petro (PTR) token as well as bitcoin (BTC), litecoin (LTC) and dash (DASH) pairings with the bolivar fiat.
In an official announcement of the National superintendence of cryptographic assets and related activities (Sunacrip), the Venezuelan crypto regulator, published on the government’s state-run media portal, the platform will be called Venezuela Exchange (VEX).
Sunacrip added that VEX will use “P2P technology” and will also be accessible via and linked to the PetroApp cryptocurrency app.
Sunacrip wrote,
“This digital platform will allow users to transact in [crypto] foreign exchange market. “
The move is the latest in a flurry of activity from Sunacrip, which also recently announced it would make major updates to its Homeland cryptographic remittance platform, with support offered for BTC and LTC wallets.
Sunacrip added that it would also revamp its website with features including bitcoin and altcoin price ticker and links to the Petro Calculator, a government-approved application that allows citizens to create real-time crypto-cryptocurrencies, crypto-fiat and fiat. – price calculations of cryptocurrencies.
Sunacrip chief Joselit Ramírez is one of the main architects of President Nicolás Maduro’s self-styled crypto-based economic strategy. As reported in June, America slapped a $ 5 million bounty on Ramírez’s head, accusing him of “having deep political, social and economic ties to multiple alleged narcotics bosses.”
Meanwhile, as reported this week, cryptocurrency provider Xapo, owned by Coinbase, is the latest international company to leave Venezuela. The decision comes soon after the recent release of Paxful – a peer-to-peer cryptocurrency exchange platform – as Washington continues to increase sanctions on Caracas. Additionally, in September, reports from Venezuela indicated that the government blocked major US-based cryptocurrency exchange platform Coinbase. However, peer-to-peer crypto market LocalBitcoins he said he “has no intention” of leaving Venezuela.
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To know more:
Maduro to allow the use of “All Global Cryptos” in international trade agreements
Bitcoin Mining Legalized In Venezuela, Miners Must Join ‘National Pool’
Three reasons why Valiu chose Bitcoin over Stablecoins in Venezuela
