Venezuela May Start Using Bitcoin and Ether as Reserve
Main page News, Bitcoin, Venezuela

The Central bank of Venezuela wants to determine if it could use cryptocurrencies as a reserve, Bloomberg reports citing a source familiar with the matter.

As Bloomberg reports, Venezuela's state-owned oil and natural gas company Petróleos de Venezuela, S.A. (PDVSA) wants to send bitcoin (EXANTE: Bitcoin) and ether to the central bank and have the monetary authority pay the oil company’s suppliers with the tokens.

Thus PDVSA wants to avoid direct sanctions for using digital assets with the help of the state-own financial institution.

However, at press time the cryptocurrency industry is not doing well. Bitcoin has just broken the $7,000 bottom mark and is trading at $7 943,01 (-5,35%).

Earlier iHodl reported that Localbitcoins, Paxful and Bisq fixed new bitcoin trading volume records due to Venezuela's inflation.

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