RATE Group | Is Venezuela’s Bitcoin Stash Really So Bullish for BTC?
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Is Venezuela’s Bitcoin Stash Really So Bullish for BTC?

27 Sep Is Venezuela’s Bitcoin Stash Really So Bullish for BTC?

Posted at 02:34h in Bitcoin News by

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Earlier today, news broke that the central bank of Venezula is in tests to see whether it would be advantageous for the institution to hold cryptocurrency reserves. The nation’s state-run oil company is also apparently attempting to send Bitcoin (BTC) and Ether (ETH) to pay suppliers via the central bank.

Naturally, many commentators have celebrated this as wildly bullish for Bitcoin and crypto more generally. However, not everyone is as convinced.

Are Efforts to Evade Sanctions with Bitcoin Likely to be Well-Received?

According to a report in Bloomberg earlier today, Banco Central de Venezuela is currently exploring the use of digital currencies like Bitcoin and Ether to evade economic sanctions levied against the nation.

The state-run oil company, Petroleos de Venezuela SA, reportedly has a cache of cryptocurrencies and is hoping for the central bank to use the funds to pay suppliers. The article, citing people wishing to remain anonymous, says that the bank is also exploring how…

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