Venezuela wants to fill gold reserves with cryptocurrencies

Venezuela wants to fill the gold and foreign exchange reserves with Bitcoin and Ethereum cryptocurrencies. Now it has been requested by PDVSA – Venezuelan state owned gas and oil company, internal studies of such a plan implementation are being carried out.

Company wants the central bank to pay suppliers on its behalf with the help of cryptocurrency assets at PDVSA disposal.

Recall that PDVSA is under American sanctions, and practically can not settle accounts with customers in the traditional way, therefore, resorting to the use of cryptocurrencies. But companies also do not want to conduct operations through digital money on the open market.

According to Bloomberg, company will have to register on the exchange, and this is fraught with compliance with certain legal standards.

The central bank will make this a lot of easier. We also wanna mention that the gold and currency reserves of Venezuela are now at a minimum over the past 30 years and amount to less than $ 8 billion.

Venezuela previously launched its own cryptocurrency, El Petro, the first national cryptocurrency in the world, but it failed. The currency was supposed to be backed by oil from the Ayacucho 1 field, but development on it never started. The national assembly of the country found that cryptocurrency violates three provisions of the Venezuelan Constitution.

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Nevertheless, as we see, the country’s authorities continue to look for ways to circumvent restrictions with the help of tokens.

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