The Central Bank of Venezuela is considering the possibilities to hold Bitcoin and Ether in its coffers (balance sheets).
The source was provided by an anonymous entity who “reportedly have direct insights into the matter.”
On Sept 26th, a Bloomberg article reported that Venezuela’s Central Bank (BCV) is taking a closer look at whether it can have the possibly hold cryptocurrencies such as Bitcoin and Ether.
Possibilities of holding Bitcoin and Ether
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Petroleos de Venezuela SA (PSDV), Venezuela’s state-run oil and gas company had requested the central bank to look into the possibilities after the company faced difficulties in receiving payments from their international clients due to US sanctions against the current president, Nicolas Maduro’s authoritarian regime.
The oil company reportedly has struggled to get paid in conventional channels due to US sanctions. Bloomberg reported that “last month, the company received most of a $700 million payment in Chinese yuan after the parties struggled to find financial institutions that would facilitate a transaction.”
Petroleos de Venezuela SA (PSDV) is looking at whether it can transfer Bitcoin and Ether to its central bank and whether the bank can make the payments on its behalf.
Cryptos as international reserves
Venezuela’s central bank staffers are currently studying proposals that will allow cryptocurrencies to be counted towards international reserves. It is currently at a three-decade low at $7.9 billion.
The move is an aim for Venezuela to integrate into the global financial system.
Crypto ATM in Venezuela
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A report in September by Cointelegraph revealed that Venezuela installed its first cryptocurrency ATM in the city of San Antonio del Táchira. The ATM will hold facilitate Bitcoin, Bitcoin Cash (BCH), and DASH, as well as the official currency of Venezuela and Colombian pesos.