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Central bank of Venezuela holds Bitcoin and Ethereum

2020.06.12 币圈资讯, 币圈资讯

Bitcoin is seen as a potential store of value by many countries around the world facing a similar situation. It is therefore not surprising that Venezuela is trying to find ways out of the crisis using new technologies such as the blockchain and Bitcoin. The Venezuelan government is even considering dismantling the SWIFT system and switching to an international payment system operated by Russia.

Venezuela launched its own digital national currency, the “Pedro”, on the market in April last year. The Pedro is said to be covered by the country’s oil reserves and should thus offer a stable value in the severely weakened Venezuelan economy. Venezuela has the third largest oil reserves in the world, so the assumption that the Pedro is completely covered by oil may well be true. So far, however, this has not been confirmed by any independent audit.

In the United States of America, as well as other countries politically aligned with the United States, the use of Pedro was strictly prohibited. According to a recent Bloomberg report, the Central Bank of Venezuela is therefore holding positions in order to have a financial reserve available for further sanctions.Bloomberg has information from four people who are familiar with the matter. Thus, the Venezuelan central bank is currently conducting internal tests and research to determine whether they are allowed to hold cryptocurrencies in their treasury. These efforts are based on instructions from the state-owned Petreoleos de Venezuela SA (PDVSA, the largest oil company in Latin America), which sends Bitcoin and Ethereum to the central bank and has the suppliers of the oil company paid by the monetary authority.

Currently, employees of the central bank are investigating whether it is possible to credit cryptocurrencies against international reserves and thus have liquid funds available. The country’s reserves are at a three-year low of just under USD 7.9 billion. The sanctions have severely weakened the country and pushed inflation to unprecedented levels. Venezuela is therefore looking for ways out of the crisis.

作者 : Reynaldo

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