RATE Group | Venezuela’s economic crises forces it to use cryptocurrency for exchange with Brazil
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Venezuela’s economic crises forces it to use cryptocurrency for exchange with Brazil

04 Nov Venezuela’s economic crises forces it to use cryptocurrency for exchange with Brazil

Posted at 10:19h in Cryptocurrency News by

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Venezuela is in deep economic crises and its fiat has gone for a toss. This has forced the government to officially launch the first state-backed “cryptocurrency” in the form of the Petro coin. And now, according to reports, Venezuela is using its state-backed cryptocurrency as an economic exchange with Brazil.

Petro to be used for buying good and services from Brazil

As the official launch of Petro coin is behind us, Venezuela is now promoting economic exchange with the northern zone of Brazil through transactions with the cryptocurrency Petro, announced the governor of the state of Bolívar, Justo Noguera

The digital asset will be used for the purchase of supplies, medicines, and food that are regularly carried out by companies and owners of the Venezuelan jurisdiction to companies located in the Brazilian border state of Roraima, the official said

In this way, the government of Bolívar assumes the Petro as a trade tool with northern Brazil, which validates the success of…

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