Venezuela Looks to Bitcoin Amidst U.S. Sanctions

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The central bank of Venezuela is exploring holding cryptocurrencies, including bitcoin (BTC) and Ether (ETH), according to a recent article posted by Bloomberg on Sept. 26.

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Petroleos de Venezuela SA (PSDV), the state-run oil and gas company, asked the Venezuelan central bank to research the possibilities of cryptocurrency, regarding recent difficulties in receiving international payments due to U.S. sanctions against Venezuelan President Nicolas Maduro.

According to Bloomberg, PSDV is exploring utilizing BTC and ETH to the Venezuelan central bank and then pay its suppliers in crypto.

Current proposals are being studied by the Venezuelan central bank, which is currently in a 30-year low of $7.9 billion.

Earlier this month, Venezuela opened its first crypto ATM which was installed in the city of San Antonio del Táchira.

Latin American firm Panda BTM set up the machine, allowing customers to purchase Bitcoin, Bitcoin Cash, DASH, Venezuelan bolívar’s, and Colombian pesos.

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