Venzuelan government announces launch of a cryptocurrency remittance platform

Venezuela Russia Petro

The Venezuelan government has launched a cryptocurrency remittance platform to cope with the hyperinflation the country is facing. The platform titled as Patria Remesas allows users from across the globe to send cryptocurrencies to the platform.

Venezuela is in a state of emergency as the country’s low per capita income combined with the hyperinflation it faces make it very hard for people to get by. Venezuela is facing internal issues. Moreover, the current regime is being pressurized by US President Donal Trump. Trump condemns the country’s socialist President Nicolas Maduro while supporting his alternative Juan Guaidó.

The worsening conditions sent thousands of Venezuelans to foreign countries where they searched for jobs to send money back home. Things were very easy in the beginning as a small sum in US dollars was enough to account for costs of living. However, the cost of living in Venezuela increased five folds from December 2017 to April 2019.

The country is still facing many problems due to the political upheaval and U.S sanctions imposed to pressurize Nicolas Maduro.

Cryptopolitan has previously covered news about Venezuela’s worsening conditions that can be read here.

Cryptocurrency remittance platform: why

The country’s government has officially launched Patria Remesas as a means to cope with this problem. The platform is capable of receiving funds in cryptocurrencies from anywhere in the world.

The launch was announced through the Venezuela Crypto show that was broadcasted by Radio Nacional de Venezuela (RNV). The announcement also invited users to accumulate Petro as a means for escaping inflation. Petro is a cryptocurrency launched by the government of Venezuela.

According to the show host, Petro was initially designed by Nicolas Maduro to fight imperialism and fix the aftermath of the war.

The show host Joselit Ramírez believes that the cryptocurrency was a unique financial instrument that allowed protection against Inflation.

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Ahmad Asghar

Written by Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.