The Venezuelan government has informed that it will integrate Bitcoin and Litecoin wallets into the government’s cryptocurrency exchange platform Patria.
The news appeared in a new update published on the Patria platform blog.
The blog stated that integrating Bitcoin and Litecoin wallets into the platform and providing them with transfers will enable Venezuelan citizens to officially receive money transfers in the form of a cryptocurrency.
Indeed, many citizens have turned to the use of encrypted digital currencies to escape the inflation in the Venezuelan national currency and the lack of success of the petroleum-based digital currency.
Add-on plans for Bitcoin and Petro Trading:
The official inclusion of Bitcoin and Litecoin in the national remittance system is likely to boost the use of cryptocurrencies by Venezuelans.
For science, Venezuela is already ranked third in the list of countries with the highest use of cryptocurrencies in the world.
The announcement came from the “Patria” platform to confirm the continuation of the pattern and direction of the Maduro government in facing the effects of US sanctions.
The announcement had been made on the “Patria” platform on October 28th through a post in which it stated that there was a preparation for merging the trading pairs of Petro, Bitcoin and Litecoin, and the post did not carry many details about the system or how to trade.
The post also did not clarify the amount of commissions and fees for trading between currencies.
First steps toward government adoption of Bitcoin and Litecoin:
Although the update does not provide much detail, it does clarify that some functions and services that use cryptocurrencies will be introduced in stages.
The update posted on the Patria platform, written in Spanish, says:
“In the few days following this update, some of these functions will only be available to a specified number of users for the purposes of testing changes.”
The “Patria” platform will gradually integrate all these services in addition to a set of other services, which will require several days of updating and monitoring.
Despite US government accusations that Venezuela is using Bitcoin to evade sanctions, authorities in Venezuela now seem more determined to embrace the best cryptocurrency than before.
The government also recently announced the official recognition and approval of cryptocurrency mining.
The extent to which the Venezuelan people have adopted the solutions proposed by the government to confront economic challenges and lift the American blockade remains.