Venezuela to incorporate Bitcoin and litecoin wallets into national remittances

[AjithBtc]

Venezuela through its Patria blog has revealed its plan of incorporating bitcoin and litecoin wallets into national remittances platform. Already Venezuela is among the top three countries with the increased usage of cryptocurrencies. Also the government has acknowledged and recommended the cryptocurrency mining. Will this move make any changes in the economy of Venezuelans.

Source : cryptopress.network

[BrewMaster]

a couple of years ago when the news about Japan adopting bitcoin blew up the internet and the price both, i said that other countries will slowly start following them. ever since then we have seen many other countries get more positive towards bitcoin and accept it with less hassle. this case is one of the newest ones in the series of country-wise adoption of bitcoin.

as for Venezuela's economy i don't think this could change anything about it. there are just too many issues with that country preventing any kind of economical growth.

[fiulpro]

Venezuela through its Patria blog has revealed its plan of incorporating bitcoin and litecoin wallets into national remittances platform. Already Venezuela is among the top three countries with the increased usage of cryptocurrencies. Also the government has acknowledged and recommended the cryptocurrency mining. Will this move make any changes in the economy of Venezuelans.

Source : cryptopress.network

This was something that we already knew about since even in the past venezuela have supported Bitcoins because of improper economic situation, fragile government and non consistent growth of the country as a whole , venezuela does need any help that they can get. The people are already well versed about Bitcoins and if the government also starts supporting them , I do believe that it would be very good for the countrie's economic situation since people will have a little freedom to do much more things.

But at the same time it would be also a lesson for other countries who are deadset on avoiding Bitcoins , any Cryptocurrencies as a whole.

We have to for sure keep looking at the stats of the country's growth, adoption, the usage. I believe it can be a good lesson for everyone alike.

[Silberman]

Venezuela through its Patria blog has revealed its plan of incorporating bitcoin and litecoin wallets into national remittances platform. Already Venezuela is among the top three countries with the increased usage of cryptocurrencies. Also the government has acknowledged and recommended the cryptocurrency mining. Will this move make any changes in the economy of Venezuelans.

I am not so sure I am understanding this correctly, they are basically adding bitcoin and litecoin to their own remittance system and they want to charge fees and commissions for each transaction you receive using their system? If true then what it is stopping anyone to just create their own wallet and receive their remittances in their own bitcoin wallet without paying any unnecessary commissions and without having a government that could eventually confiscate it all since they are the ones holding the private keys? What advantage does their system has that bitcoin does not have on its own?

[DarkDays]

Venezuela through its Patria blog has revealed its plan of incorporating bitcoin and litecoin wallets into national remittances platform. Already Venezuela is among the top three countries with the increased usage of cryptocurrencies. Also the government has acknowledged and recommended the cryptocurrency mining. Will this move make any changes in the economy of Venezuelans.

Source : cryptopress.network

Turning to cryptocurrency at a time like this I think is the right thing to do for Venezuela, and I also think other countries too. This is adding to adoption of crypto and so it is progress but I do not think it will have a large effect on the market price due to the economy of Venezuela.

On this note, while using crypto as a way to better distribute currency is what's necessary for Venezuela I do not think that it will help the economy much, at least not in the short-run.

[so98nn]

a couple of years ago when the news about Japan adopting bitcoin blew up the internet and the price both, i said that other countries will slowly start following them. ever since then we have seen many other countries get more positive towards bitcoin and accept it with less hassle. this case is one of the newest ones in the series of country-wise adoption of bitcoin.

as for Venezuela's economy i don't think this could change anything about it. there are just too many issues with that country preventing any kind of economical growth.

Haha. This is so true about the country mentioned. Japan is completely different story for that matter. They literally moved the market upside down when the news came out back in 2017! However, Japan had amazing plans and OTC approach for the bitcoin. Moreover people did find it interesting, and useful in their country. A very vital reason for its success. In Venezuela, the case will be completely different and it will be hard to circulate all over without proper infra. So if that happens as planned, then it doesn’t guarantee that their economy will boom that way.

[TimeTeller]

a couple of years ago when the news about Japan adopting bitcoin blew up the internet and the price both, i said that other countries will slowly start following them. ever since then we have seen many other countries get more positive towards bitcoin and accept it with less hassle. this case is one of the newest ones in the series of country-wise adoption of bitcoin.

as for Venezuela's economy i don't think this could change anything about it. there are just too many issues with that country preventing any kind of economical growth.

Haha. This is so true about the country mentioned. Japan is completely different story for that matter. They literally moved the market upside down when the news came out back in 2017! However, Japan had amazing plans and OTC approach for the bitcoin. Moreover people did find it interesting, and useful in their country. A very vital reason for its success. In Venezuela, the case will be completely different and it will be hard to circulate all over without proper infra. So if that happens as planned, then it doesn’t guarantee that their economy will boom that way.

But with this move from the government, it means they are recognizing the benefits brought by bitcoin/crypto.
And this will increase adoption as citizens of their country will remove the notion that crypto is only used in illegal activities.
With their government openly using this technology, they will be at peace with themselves that this is not a fraud.
Because let's admit, a lot of uninformed users, they are thinking that bitcoin is fraud and used by scammers.

[sheenshane]

The main thought of incorporating the Bitcoins and Litecoins in Venezuela's remittances is the only wide adoption of cryptocurrencies in the country for it will be spread out that these currencies are legally accepted though.

IMO for the economy, might not have a huge impact but considering that if this will be accepted then more transactions can be easy for Venezuelan to access at a faster pace and will have no limitations globally.  In fact, it signifies that little by little Bitcoins and other cryptocurrencies will have its own space in the market which is globally accepted that all of us here are aiming for.

[stompix]

I am not so sure I am understanding this correctly, they are basically adding bitcoin and litecoin to their own remittance system and they want to charge fees and commissions for each transaction you receive using their system?

Yup, nailed it!
They are trying to milk as much money from everything they can get their hands on.

What advantage does their system has that bitcoin does not have on its own?

There is one advantage, along you can hardly call it as such. If you use bitcoin and litecoin through their platform you're somewhat legal, probably this measure will come with a hunt for those that avoid the platform targeting people who are offering p2p local exchanges. What they want desperately is an infusion of hard currency in the country through the platform which then they can change with worthless either tokens or bolivars.

Besides, If I weren't 101% confident I can prove beyond any doubts that I earned those coins lawfully (according to current Venezuelan laws) I would stay away from it, I'm sure you're risking more than just those coins.

[crwth]

It's great that they decided to extend Their reach to this type of incorporation of cryptocurrencies. Their systems might not need this, but at least somehow, they would be able to see the transactions that are happening. I hope they know how to sign messages and verify the addresses they are using.

It might not happen too. There is no date yet on the said incorporation.

[yazher]

Venezuela through its Patria blog has revealed its plan of incorporating bitcoin and litecoin wallets into national remittances platform. Already Venezuela is among the top three countries with the increased usage of cryptocurrencies. Also the government has acknowledged and recommended the cryptocurrency mining. Will this move make any changes in the economy of Venezuelans.

Source : cryptopress.network

This country needs every way they can to change their economy and one of the things to help them get through this hard situation is implementing those cryptocurrencies to their locals. As you can see their currency is one of the most almost worthless in the world. I don't know how these people survive with their current state but if they want to make real changes, they should move now and continue to make their country development with the help of cryptocurrencies to help their economy.

[Poker Player]

This is a if you can't beat them, join them example.

People are so desperate about the situation in Venezuela that they will do anything to be able to eat. Many Venezuelans today eat thanks to the remittances sent to them by family members from abroad, some of which are in bitcoin. Many locals also have bitcoin as a way to protect themselves from massive inflation.

Until now, the government had no control over these types of transactions. And that's what it wants to do, control them. But I don't know if many people will voluntarily agree to make transactions via the government, when they can do so anonymously.

[AjithBtc]

Locking the thread, as another thread has been created by a member discussing the same topic Re: Venezuela to incorporate Bitcoin and litecoin wallets into national remittances.