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Maduro's government has bitcoin reserves and doesn't know what to do with them

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ND / September 26, 2019 – The Venezuelan Central Bank will conduct internal tests to determine whether it can keep Bitcoin in its coffers, according to four people with direct knowledge of the matter, Bloomberg said.

The effort comes at the request of state-owned Petrileos de Venezuela SA, which aims to send Bitcoin and Ethereum to the central bank and that the monetary authority pays the oil company's suppliers of tokens, according to people who asked not to be identified. discuss internal conversations. Officials are also studying proposals to allow cryptocurrencies to be taken into consideration in international reserves, which are currently at their lowest level in three decades, at $ 7.9 billion.

US sanctions against the authoritarian regime of Nicolas Maduro have largely isolated Venezuela from the global financial system, exacerbating one of the world's most serious economic crises and forcing officials to use a mosaic of money transfer methods. While Maduro's plans to launch the world's first sovereign cryptography have largely failed, continued efforts to use digital currencies show how desperate the government is to find a way to circumvent the restrictions.

Central Bank and PDVSA press officers did not respond to requests for comment.

Click here to read the full English note in Bloomberg

Read more: Bitcoin breaks Venezuela record after Trump blockade: Nearly 68,000 million transactions

Tags: Bitcoin Nicholas Maduro Venezuela

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