Wednesday, December 2, 2020
Home Business Venezuela Announces Inclusion Of Bitcoin And Litecoin Wallets In Its National Remittances...

Venezuela Announces Inclusion Of Bitcoin And Litecoin Wallets In Its National Remittances Platform

Cryptocurrencies such as Bitcoin and Litecoin

By Extreme

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.

Follow NewsGram on Instagram to keep yourself updated.
The Venezuelan government is already on the radar of the US government. The US government has continuously accused the Venezuelan government of using Bitcoin to evade 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 country is third in the list of highest cryptocurrency usage in the world. Pixabay

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.

Want to read more in Hindi? Checkout: भारत में क्रॉस ब्रीडिंग से विकसित हुए थे अजीब आकार के जानवर 

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.

ALSO READ: Guidelines for Travelling in Train During COVID

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.



Most Popular

Twitch And Beauty: Could The Streaming Site Rival Instagram’s Hold On The Influencer Market

By Harry Green The key to influencing is access to the audience. Instagram is flexible, in this regard: posts, stories, and live streams are integral...

Is The Previous Generation iPhone Best For You

By Zedd Salem Apple’s iPhones are undoubtedly some of the best smartphones out there. From responsive performance to compelling hardware designs, you can never go...

3 Real Estate Investment Types You Can’t Overlook in 2021

By Sana Faisal Real estate is an incredibly profitable investment. Understanding the difference between residential, commercial, and raw land real estate is essential to selecting...

How Construction Companies Can Deal With Remote Work Setups

By Sana Faisal With the world coming to a grinding halt because of a global pandemic (that seems to be nowhere near stopping even if...

Actor John Abraham Named As The Person Of The Year 2020 By PETA

Bollywood actor John Abraham has been named the Person of the Year for 2020 by the People for the Ethical Treatment of Animals (PETA). In...

Hyaluronic Acid Is An Extraordinary Ingredient And A Boon To Skincare

Hyaluronic acid has recently become such a hyped ingredient, but the popularity is acceptable because the ingredient provides what it claims to -- anti-aging. What...

Study: Men And Teenagers Are Affected By Instagram Influencers

Not just women, men and teenagers are affected by Instagram influencers who set global benchmarks for ideal body shape, fashion, and even facial trends,...

Covid-19 May Deepen Depression, Anxiety Among Pregnant Women

Researchers have said that Covid-19 may deepen depression, anxiety, and post-traumatic stress disorder (PTSD) among pregnant and postpartum women. "We know the perinatal period is...

Recent Comments