Venezuela has launched a cryptocurrency remittance platform as they look to boost capital inflows

The government has introduced a state-run cryptocurrency platform for citizens to receive payments.
Users will be able to receive Bitcoin (BTC) and Litecoin (LTC) but will need to be exchanged for sovereign Bolívars or Petros.

Ken Chigbo Independent Analyst

The Venezuelan government noted that the state-run remittance platform Patria Remesa is officially operational.

Venezuelans can receive Bitcoin and Litecoin payments but as a mandatory requirement, they have to be exchanged for sovereign Bolívars or Petros. Patria Teresa will be regulated by Venezuela’s crypto regulator Superintendency of Cryptoassets and Related Activities (Sunacrip).

For the use of the service, there will be a know your customer (KYC) and anti-money laundering (AML) procedure in order to use cryptocurrencies. It could be argued that it is a centralized state service, opposite to regular cryptocurrencies which should be free of government control.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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