Venezuela would be looking to use cryptocurrencies, such as bitcoin (BTC) and ether (ETH), to honor the debts of the state-owned oil company Petróleos de Venezuela (PDVSA). This measure would be a mechanism to evade the international sanctions imposed by the united States, according to a report by news agency Bloomberg.The report states that four sources close to the fact revealed that the Central Bank of Venezuela (BCV) is doing “internal testing” to determine the feasibility of managing cryptocurrencies. Even, would be studying accounting criptoactivos as part of the reserves of the entity with the issuer, which are currently at USD 7.9 billion, its lowest level in almost 30 years.The tests were requested directly by PDVSA, which you would be interested in transferring their assets in cryptocurrencies to the BCV, and it is this body who use them for payment to their creditors. The sources, who were not identified, told Bloomberg that the oil company is confident that the BCV is less exposed to crashes.Although it is unknown how he obtained PDVSA revenues in cryptocurrencies, it is known that some governmental bodies handle farms mining criptoactivos. At the beginning of 2018, the mayor of a municipality in the Carabobo state, the center of the country, reported in their social networks, an operation of miners ASIC sponsored by its management. The official stated that the goal of this farm mining of bitcoin is: “to fight and definitively defeat the financial warfare”, as requested by Ripe.On the other hand, the venezuelan state offers on its platform of exchange of Petro the option to acquire PTR with bitcoin, litecoin and dash. However, the report from Bloomberg do not contain data on how much the possessions of cryptocurrencies of the oil company.The information emphasizes that PDVSA has been confronting complications to find banks willing to mediate in the payment of its customers and suppliers, for fear of the sanctions applied by the united States on the regime of Nicolas Maduro. In addition, the oil also would be called to offer their assets in cryptocurrencies on the open market, because they would have to register on a home exchange and abide by their rules.Source: Carlos Rodríguez / Andes / Files Public Media / flickr.comLas sanctions seem to have forced the officials of the regime to use methods of digital as an alternative way to mobilize the money. However, measures such as the creation of Petro (PTR) have not achieved the objective. The report claims that this new mechanism would be a desperate measure to find a way out of the economic isolation.It should be noted that the marketing of oil represents almost the entire income of foreign currency in Venezuela. In addition, the collapse of the productive capacity of the south american country in recent years, forces it to maintain high levels of importation of finished products.
