VENEZUELA WILL EXPAND THE USE OF CRYPTOCURRENCIES IN TRADE

Posted 30 September, 2020

The Venezuelan government has presented a bill expanding the use of cryptocurrencies in foreign and domestic trade. President of the country Nicholas Maduro said during his speech, which was broadcast on Twitter, that the document will lead to a wider distribution of all world cryptocurrencies, both state, including the Venezuelan petro, and private.

 

Earlier, mining was legalized in the country. In September, the authorities published a document according to which a national mining pool will be created in Venezuela. Under the new law, all companies and individuals involved in mining will be required to apply for an appropriate license and be entered in the state register. This also applies to data centers and mining equipment manufacturers.

 

In 2018, Venezuela released the petro-backed cryptocurrency, becoming the first country to have its own digital currency. However, the expediency of its application is controversial. For example, in December of the same year, the petro price was increased 2.5 times by Maduro's decree. And in February 2020, retailers stopped accepting payments in petro due to the fact that the central bank exchanged with her at a multiple undervalued rate.

 

Last October, Maduro said the country is using cryptocurrency to bypass US sanctions. At the same time, information appeared that the Central Bank of Venezuela was preparing to add Bitcoin and Ethereum to the country's international reserves.

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