Central Bank Of Venezuela To Add Bitcoin And Ether To Its Reserves

It seems that the central bank of Venezuela is experimenting with the prospect of running tests to find out whether it can add bitcoin and ether to its international reserves.

According to a report published by Bloomberg Petroleos de Venezuela SA (PDVSA), a state-owned oil and natural gas company have asked the central bank to pay some of its supplier on its behalf using cryptocurrencies.

The country has been under U.S. sanctions and has been struggling to do business with various clients and has been cut off from the global financial system, as a result, has been digging into its reserves approaching already a three-decade low at $7.9 billion.

PDVSA is not looking into selling its crypto on crypto exchanges as it may have to go through due diligence which is more likely to be turned down by most platforms as a result of the sanctions.

The government of Venezuela has previously created its own cryptocurrency to deter the effects of the U.S. sanctions but has little success as more people rather use permissionless blockchains that are not backed by any centralized organization.

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