September 20, 2020

Venezuelan government working on cryptocurrency payment solution for citizens of the country

Venezuelan government working on cryptocurrency payment solution for citizens of the country

Venezuelan President Nicolas Maduro said the government intends to introduce cryptocurrency calculations for citizens. Maduro spoke about this during a television press conference. Free national and international payments will allow everyone to conduct banking operations.

The Minister of Finance and the head of the central bankVenezuela has innovative tools, the activation of which is just around the corner. Thus, everyone will be able to make banking operations, as well as national and international payments through central bank accounts. Venezuela works in the world of cryptocurrencies, Maduro said.

Just last week, there were reports that the Central Bank of Venezuela is considering adding cryptocurrencies, in particular BTC and ETH, to the country's international reserves.

Venezuela also already has its owna state-owned cryptocurrency backed by oil reserves called Petro. At the same time, Maduro is trying to convince other countries to adopt Petro as an alternative to the US dollar in the oil markets and for world trade.