to its reserves
The Central Bank of Venezuela is studying the feasibility of adding Bitcoin and Ethereum to its cryptocurrency reserves, Bloomberg reports.
The idea was initiated by the state oil and gas company Petroleos de Venezuela SA (PDVSA). According to representatives of PDVSA, the central bank could make settlements with suppliers on behalf of the monopolist company using the available crypto assets.
US sanctions severely limited the ability of PDVSA to interact with customers and suppliers. In particular, due to restrictions, many banks avoid serving company related transactions.
At the moment, it is not yet known whether any crypto assets are already at the disposal of the Venezuelan central bank. However, the newspaper notes, the international reserves of this oil-rich country are now at $ 7.9 billion, which is the lowest level in the last three decades.
The dynamics of Venezuelan international reserves over the past few years.
Experts are confident that PDVSA can try to avoid self-selling cryptocurrencies on the open market, since this is due to the need for registration on exchanges, identification and compliance with legal standards. Instead, companies are proposing that the central bank take over the cryptocurrency settlement function with suppliers.
In August, U.S. President Donald Trump signed a decree blocking the ownership of the Venezuelan government in US jurisdiction. The restrictions affected the assets of the Central Bank of Venezuela and the oil company PDVSA.
Recall that amid hyperinflation , Venezuelan residents often turn to bitcoin, ignoring the “oil-backed” digital currency El Petro. At the same time, trading volumes at LocalBitcoins in the country several times updated historical highs.
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