Reports have been around on how the Venezuelan government is finding new ways to activate and promote the use of cryptocurrency to dodge the international restrictions imposed on them.
The president of the country, Nicolas Maduro, announced during a press conference that the finance minister and Venezuela’s central bank had added new instruments in their services. These new instruments, once activated, will allow the users to use the central bank’s account for banking transactions as well as national and international payments.
Venezuelan central bank a few days ago was found testing new methods to store cryptocurrencies in their national reserves. Petroleos de Venezuela SA initiated this as they wish to make the payments and exchange in Bitcoin and Ethereum. Even the population of the country during a crisis turned to cryptocurrencies for day-to-day transactions.
Maduro also added that the restrictions imposed by the Donald Trump government have been causing trouble for Venezuela, and now they are using the alternate option. Venezuela is using this other formula for making the payments which are working fine as it is accepted in China and Russia.
Venezuela earlier launched a sovereign digital currency that was backed by the country’s oil reserves, but it failed to uplift the financial distress. Other countries also rejected it as they stopped its international penetration, and this led to internal politics. The opposition leader, Juan Guaido, was quick enough to comment on it by saying that the country is desperate to do anything to help with the economic crisis.