The Venezuelan government is one of the most crypto friendly countries as it looks for ways to sustain its hyper-inflated economy and sanctions from various governments. The government is focused on promoting its oil backed crypto, Petro dollar, to its citizens with the latest debit card release by government sanctioned exchange, CriptoLAGO. The debit card transacts four cryptocurrencies including Petro.
CriptoLAGO and Glufco to Launch Crypto Debit Cards
Two companies from Venezuelan have already come together to launch a cryptocurrency debit card and point-of-sale system. This new system will support a total of four cryptocurrencies; Bitcoin, Ether, Dash and Petro which is backed by the Venezuelan government as its digital currency.
The president of Venezuela, Nicolas Maduro, said that Venezuela’s central bank along with the finance minister are focused on introducing new instruments soon to enable people complete their banking transactions both national and international through the central bank’s account.
An Economic Boost for Venezuela
With Venezuela facing global sanctions around the world and falling down the pecking order on the global financial system, president Maduro sees cryptocurrencies as the best plan to salvage their falling economy.
Sovereign Bolivar which is Venezuela’s main currency has been facing troubled times and the new system being rolled out is tipped to offer support. The system according to Glufco, is basically a crypto transfer device which they hope will be able to automatically accommodate other cryptocurrencies in the near future.
Venezuela’s Central Bank’s Experiments
A recent report from Bloomberg recently explained that internal tests have been completed by Venezuela’s central bank in a bid to find out whether they can hold crypto assets in their reserves.
They seek to help Petroleos de Venezuela SA pay its bills via cryptocurrencies (Bitcoin and Ethereum) using from the Central Bank. This comes after the central bank disclosed its plan to hold Bitcoin in its reserves. Venezuela’s largest bank has already set up an experimental feature of the same to its online features. This cryptocurrency adoption is however viewed by opposition leader Juan Guaido as pure desperation.
