Cryptocurrency ‘undeniably important’ to Venezuela, says business association

The National Council of Commerce and Services of Venezuela (Consecomercio) issued a statement earlier this week making its position clear on both cryptocurrency, such as Bitcoin, as well as the state-backed digital currency, the petro.

José Miguel Farías—a member of Consecomercio’s Economics Commission—published the group’s statement on Twitter, which indicated that there is a general consensus among businesses in Venezuela that cryptocurrency plays a crucial role in the nation’s economy. But the state-backed petro—the brainchild of President Nicolas Maduro to evade U.S. sanctions and stimulate Venezuela’s economy—has been a rushed project that will take time to assimilate, the group said.

“The petro has diverse problems and flaws of origin that make it difficult to really know what may be its application in the economy,” said the Council. “What is undeniable,” the statement added, “is the importance and relevance of the use of cryptocurrencies in Venezuela,…