States give in to Bitcoin’s sirens – Venezuela launches its own crypto-state exchange
Venezuela gives in to the crypto trend – Crushed by the pressure of the US embargo, Venezuela is turning to cryptomoney. A few months after the creation of a national mining pool, the country launches its own platform for exchanging cryptomoney.
The Venezuelan economy at its lowest ebb
The Venezuelan economy has been Bitcoin Method in a catastrophic situation for several years now. In 2019, the country experienced hyperinflation of more than 9,500%.
However, Nicolas Maduro tried to turn to cryptomonnages to solve this problem. This is how the state-owned cryptomoney, Petro (PTR), was born. Unfortunately for Maduro, it did not enjoy the expected popularity.
Cryptos to circumvent sanctions
Probably because of this lack of democratisation of Petro, Venezuela is beginning to move towards other cryptomonnages.
For example, the National Superintendency of Cryptonics and Related Activities has just announced the launch of a state-wide platform for the exchange of cryptomoney.
Entitled Venezuela Exchange (VEX), it will allow its users to exchange Bitcoin (BTC), Litecoin (LTC), Dash (DASH) and Petro (PTR) for bolivar, the country’s national currency.
In addition, the Venezuelan president has announced the creation of a law in favour of cryptomoney, which would allow the country to circumvent the embargo :
„The law gives a new force to the use of Petro and other national and global cryptoskills in domestic and foreign trade, so that all the world’s cryptoskills, state and private, can be used. It is an important project that is currently under development. „Statement by Bitcoin.fr
It will now be necessary to monitor the extent to which Venezuelans will put their trust in this platform and what traction this nationalisation of cryptomonetary exchanges may or may not generate… or not.