- The central bank of Venezuela may add bitcoin and ether to its reserve
- PDVSA May Not Be Able to Sell Its Cryptos on Exchanges Due to Sanctions
- Bitcoin (BTC) Is Trading On a Thin Line
Bitcoin News Today – the central bank of Venezuela might soon add Ethereum (ETH) and Bitcoin (BTC) to its reserves. According to a recent report, Venezuela’s central bank is running a test to check if it can add Bitcoin (BTC) and Ethereum (ETH) to its international reserves. The nation’s state-owned oil and natural gas firm Petroleos de Venezuela SA (PDVSA) has asked the central bank to pay some of its supplier on its behalf with digital currencies. This was disclosed in a report released by Bloomberg.
The report also cited a few persons that are familiar with the matter, but they prefer to remain anonymous. According to the report, it is unclear how the state-owned oil and natural gas company has obtained Ethereum (ETH) and Bitcoin (BTC). Venezuela has been under the sanctions of the United States. The nation has been struggling to do business with several clients and is somewhat cut off from the global financial system.
Bitcoin (BTC) Price Today – BTC / USD
PDVSA May Not Be Able to Sell Its Cryptos on Exchanges Due to Sanctions
The sanctions over the nation have had a pretty negative effect on it. The country has been digging into its reserves while dealing with hyperinflation, but they are approaching a 3-decade low of $7.9 billion. The PDVSA might not be considering selling its digital currency holdings on trading platforms, as it would have to go through due diligence. The company would likely be rejected by many digital currency trading platforms over the sanctions.
Last year, the country launched Petro – a digital currency backed by oil. The country said it would distribute the digital currency via an Initial Coin Offering (ICO). The nation has taken a major step to incentivize the adoption of its digital currency. The first step the country took was to order the largest bank in Venezuela to accept the digital currency. Will the central bank of Venezuela finally add Bitcoin and Ethereum (ETH) to its international reserve? This is yet to happen, but there are some clear indicators that this might happen in the future.
Bitcoin (BTC) Is Trading On a Thin Line
Bitcoin (BTC) is one of the worst performers over the past twenty-four hours. The digital currency, which was trading around the $10k range earlier this week, has plunged heavily to the $8k range. At the press time, BTC to USD price is $8,090 after a decrease of about five percent over the past twenty-four hours. Many analysts believe the digital currency would plunge further; towards the $7,600 range.