Central Bank Of Venezuela To Add Bitcoin And Ether To Its Reserves


It seems that the central bank of Venezuela is experimenting with the prospect of running tests to find out whether it can add bitcoin and ether to its international reserves.

According to a report published by Bloomberg Petroleos de Venezuela SA (PDVSA), a state-owned oil and natural gas company have asked the central bank to pay some of its supplier on its behalf using cryptocurrencies.

The country has been under U.S. sanctions and has been struggling to do business with various clients and has been cut off from the global financial system, as a result, has been digging into its reserves approaching already a three-decade low at $7.9 billion.

PDVSA is not looking into selling its crypto on crypto exchanges as it may have to go through due diligence which is more likely to be turned down by most platforms as a result of the sanctions.

The government of Venezuela has previously created its own cryptocurrency to deter the effects of the U.S. sanctions but has little success as more people rather use permissionless blockchains that are not backed by any centralized organization.


Headlines for the world of Cryptocurrencies - September 25, 2019
  • Big Four Auditor Claims US Consumers Likely To Use Blockchain Tokens
  • Fold App Raises $2.5 Million To Bring Lightning Network To Retailers
  • 5 Cryptos Available For Purchase Using Credit And Debit Card At Binance
  • Biki.com Founder Invited To Speak At Condex World’s Top 50 Innovators
  • 5 New Altcoins Available For Trading in BitFlyer US And Europe
Headlines for the world of Cryptocurrencies - September 24, 2019
  • Big Four Auditor Claims US Consumers Likely To Use Blockchain Tokens
  • Fold App Raises $2.5 Million To Bring Lightning Network To Retailers
  • 5 Cryptos Available For Purchase Using Credit And Debit Card At Binance
  • Biki.com Founder Invited To Speak At Condex World’s Top 50 Innovators
  • 5 New Altcoins Available For Trading in BitFlyer US And Europe
Headlines for the world of Cryptocurrencies - September 23, 2019
  • Bakkt Is Now Live
  • Facebook Shares Which Currencies Included in Libra Global Currencies
  • Binance U.S. Will List More Digital Assets Soon
  • Zero-Knowledge Proof Ethereum Startup Raises $2 Million
  • IBM Open To Facebook’s Libra Project










Posted from

Cryptowarrior.Tech

: http://cryptowarrior.tech/banking-finance/central-bank-of-venezuela-to-add-bitcoin-and-ether-to-its-reserves/

Coin Marketplace

STEEM 0.17
TRX 0.15
JST 0.028
BTC 60164.54
ETH 2420.67
USDT 1.00
SBD 2.43