Venezuela has announced that it will include cryptocurrencies such as Bitcoin and Litecoin wallets to its Patria’s Cryptocurrency Remittance Platform. The government authority has further updated that this step will allow the Venezuelan citizens to receive remittances in cryptocurrency form officially. Although several Venezuelan citizens are already into Bitcoin usage and are using this cryptocurrency to make cross border payments, this new update from the government will give these transactions a formal status.
Venezuela’s next step in embracing cryptocurrencies: Addition of Bitcoin-Petro Trading Pairs
Venezuela is already a leading cryptocurrency usage market in the world. The country is third in the list of highest cryptocurrency usage in the world. And the government is keen on pushing this trend and is making continuous efforts to increase and regulate the usage of cryptocurrencies. And this latest announcement is a part of these efforts.
The formal announcement of including Bitcoin and Litecoin wallets in the National Remittances Platform came through a Patria blog post. This announcement is a part of the Venezuelan government’s several amendments regarding crypto policies to counter the effects of US sanctions.
But even then, it seems that Venezuela is too keen on adopting the top crypto into their formal financial transactions. And the recent announcement of formal recognition and endorsement of cryptocurrency mining is a reflection of it.
The update published on 28th October discusses the inclusion of petro [and] Bitcoin and petro [and] Litecoin pairs into a structured exchange system. But the blog doesn’t give further details about when this inclusion is planned to take place. This update makes it clear that the government is still hopeful of the revival of its ‘Petro tokens, ‘ which in the beginning failed to create interest.
Bitcoin trading surges in Venezuela and across the world.
However, cryptocurrencies continue to attract widespread interest. The usage of cryptocurrencies in transactions has increased rapidly, not only in Venezuela but also across the world. With several trading platforms opening up, making Bitcoin transactions has become more comfortable. And trading apps such as Bitcoin Revolution Trading App have come up with seamless transaction procedures and offer critical updates that help traders make wise trading decisions.
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Thus the ease of transactions and the ever-increasing importance of cryptocurrencies have fueled Bitcoin trading’s surge across the world. For Venezuelan citizens, Bitcoin trading is even more lucrative as they are badly hit by hyperinflation.
Government charges commissions and fees for exchange and remittances.
The government’s announcement also states that it is planning to have ‘commissions and fees for exchange and remittances.’
The blog talks about this in detail by stating that the government will implement a service commission for all operations carried out in the Petro, Bitcoin, and Litecoin wallets.
Introduction of all the updates in phases
The blog doesn’t give a formal date for rolling out all the updates mentioned above, but it clarifies that these functions will be introduced in phases.
It states that in the initial dates of the updates, ‘some of these functionalities may not be available and therefore may not close the circuit for users who, in advance and under their full responsibility, decide to test these updates.’
The blog explains that The Patria Platform will gradually include all these and other services as it will need several days of updating and monitoring because of their extension.