It is stated that in Venezuela, Bitcoin and Litecoin will join the payment platform called Patria (Patriot), which is the state wallet application.
Venezuela continues to take serious steps in cryptocurrency. It is stated that Bitcoin and Litecoin will join the payment platform called Patria (Patriot), the state wallet application, in the country where the value of Bolivar, the currency of the country, is decreasing day by day due to hyper-inflation and the use of Bitcoin is increasing. Authorities stated that this way, citizens can receive payments in the form of cryptocurrencies.
The participation of Bitcoin in the country’s national payment system is expected to further increase the use of Bitcoin and cryptocurrencies in Venezuela. Venezuela ranks 3rd among the countries with the highest use of cryptocurrencies in the world. While the statement is made on the official website of Patria, the Maduro government is trying to reduce the effects of the US sanctions that have hit the country in recent years.
Venezuelan officials expect the use of Petro-BTC and Petro-LTC couples to increase after the addition of the Petro-BTC and Petro-LTC couples, which they have not seen the effect they expected so far. Despite all these developments, no information was given about when the application will start. On the other hand, the government will also receive a commission for transactions to be made in Bitcoin, Litecoin and Petro.
In the statement made, it was also stated that the system will be activated gradually and that there will be a test period with a certain number of users first.
Despite the statements of US officials that Bitcoin has been used against them for a long time, Venezuela seems to take bolder steps in using cryptocurrency with this move. The Maduro government has recently approved and formalized cryptocurrency mining in the country.
Like this update, the Maduro government is expected to take more positive steps in the use of censorship-resistant and decentralized currencies such as Bitcoin.