Various reports reveal Venezuela’s central bank is allegedly contemplating hoarding a variety of cryptocurrencies like BTC within its internal reserves. The state-operated gas company Petroleos de Venezuela SA (PDVSA) has asked to send BTC and ETH payments to Banco Central de Venezuela’s (BCV) vaults to pay for oil and gas operations.
Also read: Maduro’s Petro Becomes More Accessible, but Scrutinized by Venezuelans
Venezuela’s Central Bank Plans to Hold Cryptocurrencies Within Internal Reserve System
Sources reveal that Venezuela’s central bank plans to accumulate a stash of bitcoin and ethereum and the bank is currently contemplating methods on how to secure the cryptocurrencies within its internal reserve system. One report states that “four people with direct knowledge of the matter” have detailed that the oil and gas company, PDVSA, has asked the BCV if the entity can send payments using currencies like BTC and ETH. The sources who queried BCV staffers with questions have asked to remain anonymous. According to the informants, the BCV’s reserves are at a three-decade low at just above $7 billion and the central bank is researching schemes on how to secure the digital assets within the BCV’s reserve system.
The informants claim they don’t know how much BTC or ETH the PDVSA actually owns and or how it came to obtain the digital assets. But a slew of reports has elaborated on how the Venezuelan government has been gathering cryptocurrencies in order to hoard them and use them to bypass U.S. and international trade sanctions. Last February Pedro Peroza wrote a number of
