Venezuela’s economy has been struggling for years. The country has tried to address this with blockchain technology on several occasions. At a recent press conference, President Nicolas Maduro claimed that the government will use cryptocurrencies to enable free national and international payments.
Venezuela’s Crypto Solution
President Maduro appears to be looking for new payment methods for the Venezuelan population. He stated:
“The finance minister and Venezuela’s central bank have new instruments which we will activate very soon so that everyone can do banking transactions, as well as national and international payments through the central bank’s accounts. Venezuela is working within the cryptocurrency world.”
The country has reportedly been running internal tests to determine whether it can hold cryptocurrencies in its reserves. The idea is to send Bitcoin and Ethereum from the central bank to the state oil company’s suppliers. Read More...