September 21, 2020

Venezuelan Central Bank is exploring the possibility of adding Bitcoin and Ethereum to the country's reserves

Venezuelan Central Bank is exploring the possibility of adding Bitcoin and Ethereum to the country's reserves

The Central Bank of Venezuela conducts experiments to tune the possibility of adding cryptocurrencies to specifically Bitcoin and Ethereum, in their international reserves. About this writes the publication Bloomberg.

The experiment was conducted at the request of Petroleos deVenezuela SA (PDVSA), a state-owned oil and gas company. PDVSA believes that the central bank of Venezuela will be able to make settlements with suppliers in Bitcoin and Ethereum.

Due to U.S. sanctions, PDVSA has arriveddifficult times, as large banks avoid opening business channels with the company. According to the publication, PDVSA did not specify how it managed to get Bitcoin and Ethereum, as well as the cost of capital in cryptocurrency.

Recall that in 2018 the government of Venezuelalaunched the state-owned cryptocurrency Petro, backed by the country's oil reserves. Since then, country officials have launched a number of platforms to stimulate the use of state digital currency.