In an update, authorities in the country say this move will enable Venezuelan citizens to formally receive remittances in cryptocurrency form. Many citizens of hyperinflation hit Venezuela already use bitcoin as a store of value as well as for cross border payments.
Plans of Adding Bitcoin-Petro Trading Pairs
The formal incorporation of bitcoin into the national remittances system will likely boost the use of cryptos by Venezuelans. The country already ranks third on the list of countries with the highest cryptocurrency usage in the world.
Meanwhile, this announcement issued via the Patria blog, is a continuation of a pattern of crypto policy amendments made by the Maduro government as it tries to counter the effects of US sanctions.
In an update published October 28, the Caracas government-which still hopes to see the widespread embrace of its failed petro token-also talks about the "incorporation of petro [and] bitcoin and petro [and] litecoin pairs into an exchange system." However, the update has no details about this exchange system or when this planned incorporation is set to happen.