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Venezuelan Central Bank can replenish its reserves with bitcoin and ether

The Central Bank of Venezuela (Banco central de Venezuela) is exploring the possibility of replenishing its reserves with bitcoin and ether. So far, the institution is exploring the very possibility of storing cryptocurrencies.

The state-owned oil and gas company Petroleos de Venezuela SA (PSDV) asked the central bank to consider this issue after it encountered difficulties in receiving payments from international clients due to US sanctions imposed against the current regime of President Nicolas Maduro.

According to information, PSDV intends to transfer bitcoin and ether to a central bank, and then it will settle payments with suppliers using cryptocurrencies.

This step can be taken in an attempt to overcome isolation from the global financial system. Cryptocurrencies can become quite useful in state reserves, which are at the level of $ 7.9 billion (this is the minimum figure for 30 years).

This month, Panda BTM in San Antonio del Tachira installed the first crypto machine in Venezuela working with bitcoin, bitcoin cache and dash, as well as Venezuelan and Colombian fiat currencies.


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Afroz Ahmad