Venezuela: creation of a state exchange for PTR, BTC, LTC and DASH

In a context of major hyperinflation, the Venezuelan government continues to open up to the cryptocurrency markets. He has indeed announced the launch of a state exchange, the exchange of cryptocurrencies other than Petro (PTR).

Venezuela government bets on cryptocurrency exchange

As announced in a statement from the National Cryptoassets Superintendency (SUNACRIP), the platform proposed by the government will be called Venezuela Exchange (VEX) . The exchange will be available from the PetroApp wallet, which has also been made available to the inhabitants of Venezuela.

We know so far few details on this exchange. However, we know that it will be based on “P2P technologies”, and that users will be able to exchange several assets. Beyond Petro (PTR), the government’s cryptocurrency, you can find Bitcoin (BTC), Litecoin (LTC) and Dash (DASH) on Venezuela Exchange . They can be exchanged directly for the sovereign bolivar (VES).

Does the government plan to seize all areas related to cryptos?

The statement said the portal SUNACRIP is a comprehensive platform that brings together the wallet PetroApp, the new Venezuela Exchange, the department transfer of cryptomonnaies Patria Remesas and a current converter.

After pushing the inhabitants of Venezuela to use the Petro before any other asset, the government therefore seems to have made a change of course in recent months, by integrating cryptocurrencies as a whole . He is betting big on this “ new digital economy ”, because the economic and political crisis in the country has worsened.

Last month, the government announced it had created a state mining pool to force miners into surveillance . Nicolás Maduro had also officially confirmed that cryptocurrencies would now appear in Venezuela’s anti-sanction arsenal . However, it remains to be seen whether the exchange offered to the inhabitants of Venezuela will be functional. In the past, the official services related to Petro and cryptocurrencies had indeed encountered many problems.