The economic crisis in Venezuela lasts for many years, the country tried to cope with it several times using blockchain technology . At a recent press conference, President Nicolas Maduro announced that the government will use cryptocurrencies to make national and cross-border payments without commission.
It seems that President Maduro is looking for new ways of calculating for the Venezuelan people:
“The Venezuelan Minister of Finance and the Central Bank of Venezuela have new tools that will work very soon, as a result, everyone will be able to make banking operations, as well as national and cross-border payments through the central bank accounts. Venezuela has entered and is working in the space of cryptocurrencies. ”
It is believed that testing is being conducted in the country, the purpose of which is to find out whether cryptocurrencies can be stored in reserve. It is about whether it is possible to send bitcoins and ethers from a central bank to a state oil supplier.
These alternative payment solutions should help Venezuela get around the US sanctions that isolated the country from the global financial system. For this reason, Venezuela is experiencing one of the most severe economic crises in its history, for example, in May this year, the inflation rate reached a record 815.194%.
In addition to the accumulation of bitcoins and ethers, last year the country launched its own cryptocurrency.
The cryptocurrency Petromoneda or Petro appeared in February 2018, it was supposed to be provided with oil and mineral resources of the country. However, the project has not yet yielded any results.
Not surprisingly, with hyperinflation, the government turned its attention to bitcoins. Unlike other world currencies, bitcoin has a fixed, predetermined inflation rate. At the moment, the rate is 3.72% per year, and after the halving , which will happen in 2020, it will drop to 1.80%.
Publication date 10/03/2019
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