Altcoin News: Venezuela May Add Cryptocurrencies to Its Gold Reserves
September 27, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
The Central Bank of Venezuela conducts internal tests, trying to determine the admissibility of adding cryptocurrencies, in particular, Bitcoin and Ethereum, to their foreign exchange reserves, Bloomberg writes with reference to sources familiar with the situation.
Testing is carried out at the request of the state oil and gas company Petroleos de Venezuela SA (PDVSA), which wants the central bank to pay suppliers on its behalf with the help of cryptocurrency assets at its disposal.
Due to US sanctions, the possibilities for PDVSA to interact with customers and suppliers were limited, as international banks avoid serving related transactions. According to Bloomberg, information about how long the company owns cryptocurrency, in what volume and how it received it, is not available.
PDVSA may seek to avoid the need to sell cryptocurrency on the open market, as in this case, it will have to register on the exchange, which is also associated with compliance with certain legal standards. Representatives of the company suggest that the central bank will face a smaller set of difficulties if it takes on the payment function.
In July, Information appeared that Venezuela can convert airport fees to Bitcoins to circumvent economic sanctions.
Author:
