The Central Bank of Venezuela (BCV), is performing internal tests to determine if the cryptocurrencies can be used as foreign reserves. The BCV began to accept digital currencies in its coffers, different from the controversial Petro, it was thanks to a request from Petróleos de Venezuela SA, The state-owned company in charge of everything related to oil, from its extraction to its marketing, was the one who made the request to the BCV. This is because Petroleos de Venezuela SA, known as PDVSA, is looking to send Bitcoin and Ethereum at the Central Bank to pay to the suppliers of the oil company with the tokens. In turn, employees are also studying proposals that would allow counting the cryptocurrencies to international reserves, which are near their minimum in the last three decades, with 7.9 billion dollars. One of the reasons that PDVSA is interested in digital currencies, is to evade the sanctions that the united States government imposed against the regime of Nicolas Maduro. These sanctions have isolated a great extent, in Venezuela the global financial system and exacerbating its economic crisis. The first attempt to pair to circumvent these measures was the Petro, the first criptomoneda sovereign of the world, which resulted in a big failure. However, the ongoing efforts to use any digital currency they show just how desperate is the government to find a way to circumvent the restrictions.
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PDVSA and the cryptocurrencies
Yet it is not entirely clear how PDVSA is getting their funds in cryptocurrencies. What is known is that the company fought for customers to pay him through conventional channels. This is because the major banks hesitate to do business with an entity in the conditions of PDVSA. An alternative for the company could be to sell the tokens on the open market. However, as it would require that PDVSA was registered on an exchange and is subject to due diligence, they decided to delete that alternative. In the change request to the BCV, the officials of the oil company believe that it is less exposed to possible crashes, that use cryptography to pay to the entities to which PDVSA owes you money. Although Venezuela represents one of the markets of the Bitcoin world’s largest, it also boasts one of the economic and political crises, the most serious of the present time. It is for this reason that a proposal of this kind to the highest financial institution of the country, turned on the alarms at national and international level. The following two tabs change content below. I am a student of International Studies, interested in new technologies and their impact on the world. A true believer that tenacity is the foundation of success.