Venezuela to Incorporate Bitcoin and Litecoin Wallets into National Remittances

[mickaelmosse.cryptoadvise]

Venezuela says it will incorporate bitcoin (BTC) and litecoin wallets to its Patria’s Cryptocurrency Remittance Platform. In an update, authorities in the country say this move will enable Venezuelan citizens to formally receive remittances in cryptocurrency form. Many citizens of hyperinflation hit Venezuela already use bitcoin as a store of value as well as for cross border payments.
Do you think incorporating bitcoin into Venezuela’s national remittance system is going to help Caracas?
Source Mickael Mosse blog

[GreatArkansas]

This is indeed helpful for the country and citizens itself. The more ways that can Bitcoin be accessible to people, the more volume of Bitcoin or Litecoin will start to grow in Venezuela. I am happy that they first included Bitcoin and Litecoin, which Litecoin is a fork of Bitcoin, and the same time Litecoin got much lower transaction fees to compare to Bitcoin.

[DdmrDdmr]

I’m still not sure about how exactly this is going to play out. I read some local posts on the matter (see *), and my intake is that, in order to liquidate the received Bitcoin and Litecoin, you’d have to go through Petros. It also seems that remittance in those coins are in receive-only mode (they cannot be sent/resent).

If that is so, which I’m not 100% certain yet (waiting for someone from Venezuela to confirm on my local board), then clearly it is better for Venezuelans to manage their own wallets outside of the platform, with the added benefit of avoiding the government from overseeing their crypto operations. Patria’s platform is acting as a custodial, but with noticeable limitations it seems. That may be suiting for the less technical people, but for those more versed it seems unfitting.

(* in Spanish):
https://blog.patria.org.ve/actualizacion-remesas-intercambio-monederos-criptoactivos-bitcoin-litecoin-petro/
https://es.beincrypto.com/plataforma-venezolana-patria-actualiza-remesas-swap-wallets-criptomonedas/

[Karartma1]

That is the beauty of Bitcoin! It can be used at the same time by the FBI, Iran, Venezuela, public companies and large corporations, freelancers, you name it!
This is a clear sign that bitcoin has won its battle against basically everything! Everyone can use bitcoin in their best possible way and I hope this will never change. Long live bitcoin  

[DrG]

Most of the video cards I sold on Amazon/eBay went to Venezuela or UAE. I sold some stuff back in 2012 and I'm sure those GPUs kept on chugging through BTC even when Avalon was pumping out those ASICs. People who miner BTC, LTC and subsequently ETH are probably sitting on nice little stashes thanks to the cheap electricity. I doubt those people who were going through difficult routes to create their own economy will let the state have stewardship over their coins.

[Wexnident]

Tried looking up concrete info about the upgrade, the most that I got is that there's an upgrade to come as an exchange for Bitcoin and Petro pairs as well As Litecoin and Petro pairs, but no concrete info about the exchange itself is known. Add that to them adding their own fees for the said wallets (which is natural, I just hope the fees are quite balanced).

Still, this stands as good news for Venezuela, since two easy benefits could be seen. One mainly avoiding the hyperinflation felt by their citizens, the other being an investment, either for the short or long term depending on them. Whatever they choose, this still opens up an opportunity for them to form plans to invest on Bitcoin.

Source: https://cryptopress.network/venezuela-to-incorporate-bitcoin-and-litecoin-wallets-into-national-remittances-platform/

[avikz]

Venezuela says it will incorporate bitcoin (BTC) and litecoin wallets to its Patria’s Cryptocurrency Remittance Platform. In an update, authorities in the country say this move will enable Venezuelan citizens to formally receive remittances in cryptocurrency form. Many citizens of hyperinflation hit Venezuela already use bitcoin as a store of value as well as for cross border payments.
Do you think incorporating bitcoin into Venezuela’s national remittance system is going to help Caracas?
Info seen on Mickael Mosse blog

Venezuela is a sinking ship so they are taking extreme measures to sustain the government. Otherwise, no other country twill encourage its citizens to accept remittances in cryptocurrencies! This one is an exceptional situation and we should take it as an exception only instead of thinking it as a big win for crypto systems!

Bolivar has become useless so Venezuelan government is looking for different avenues to support the falling economy! This step is just one of the extreme measures of such avenues!

[tomahawk9]

and my intake is that, in order to liquidate the received Bitcoin and Litecoin, you’d have to go through Petros.

so they're still trying to push their centralized crypto? even though everyone in the cryptosphere calls it a scam? even though the director of the agency that's in charge of regulating and enforcing laws on cryptocurrency activities (and who's also giving the green light to all of this btc-ltc petro wallet thing) is a wanted man in the US and has a $5 million bounty? yeah, i'm thinking this guy is up to no good (same the entire govt) and this whole thing is shady as f*ck  

I just read one of your links (blog.patria), and to my understanding, it seems like the Patria platform will be charging 1% in fees in all crypto trading pairs (since there are no btc/ltc-fiat pairs cos you have to go through Petro, they'll charge 1.50%in case you wanted to exchange your coins to fiat), they'll also charge 2% in fees for every transaction the user makes in this platform, and they'll also charge up to 4% in fees whenever a person uses this platform to purchase goods and services. That's almost 6% in fees just to use this platform as a crypto wallet to buy stuff

You're right, venezuelans are better off using their own wallets, who tf wants Petro anyways or the govt keeping a record of every btc tx you make?  

[dothebeats]

It's best for the citizens to just do remittances independently without having to go through Petro as the cryptocurrency is still not posing any help for the Venezuelans when it comes to retaining value. They are just using bitcoin and litecoin as fronts for people to still use their proposed national cryptocurrency alongside the exchange platform Patria. It's a good thing for starters but for those who are really looking to get the most out of what they send/receive, it's better to go the route of independently sending your coins through bitcoin/other crypto without having to rely on what seems to be an intermediary.

[Reatim]

Venezuela says it will incorporate bitcoin (BTC) and litecoin wallets to its Patria’s Cryptocurrency Remittance Platform. In an update, authorities in the country say this move will enable Venezuelan citizens to formally receive remittances in cryptocurrency form. Many citizens of hyperinflation hit Venezuela already use bitcoin as a store of value as well as for cross border payments.
Do you think incorporating bitcoin into Venezuela’s national remittance system is going to help Caracas?
Source Mickael Mosse blog

At least for once Venezuelan government is doing something useful towards cryptocurrencies ?
This will Give chances for all Venezuelan people to fully support crypto and handles their own coins for future a they are known to be having Bitcoin as stored of value and an asset.

This is absolutely the right decision for them, besides Bitcoin and Litecoin are the best choice.

Also Litecoin will have publicity for this as they are very silent this past months,with this movement it will favor the whole litecoin family and also the venezuelan.

[error08]

This is absolutely the right decision for them, besides Bitcoin and Litecoin are the best choice.

But not the right decision for citizens to use that national remittance service.
What is the point to send bitcoin or litecoin through government oversight if people could send it directly one to another wallet? without being unnoticed by the government and without paying fees that may be charged. The best way to spend it directly to merchants if there are some accept it as means of payment, no need to convert bitcoin/litecoin to petro or bolivar.

[ilovealtcoins]

This method will help banks reduce the time to process their transactions and benefit the people holding Bitcoin and Litecoin. Maybe they should find a way to make Bitcoin and Litecoin a payment intermediary instead of letting people directly receive them. Liquidity through the Venezuelan currency is also a way to increase the intrinsic value of the national currency.

[hatshepsut93]

When companies or governments, especially authoritarian governments, announce that they adopt Bitcoin, I always get suspicion. There's always a catch, like strict KYC, high fees, penalties for those who don't follow rules, attempts to herd Bitcoin users towards custodial services and so on. People don't need government's approval to use Bitcoin, that's kinda the whole point of Bitcoin, so we shouldn't get too optimistic about it. I guess this is better than them banning Bitcoin, but actually not much.

[btc78]

This is absolutely the right decision for them, besides Bitcoin and Litecoin are the best choice.

But not the right decision for citizens to use that national remittance service.
What is the point to send bitcoin or litecoin through government oversight if people could send it directly one to another wallet? without being unnoticed by the government and without paying fees that may be charged. The best way to spend it directly to merchants if there are some accept it as means of payment, no need to convert bitcoin/litecoin to petro or bolivar.

Yeah i'm wondering whats the real intention why needs to convert to Bolivar when Crypto like Bitcoin and Litecoin is much popular and can be directly spend to pay(if there is a merchant available) and will be safe for any charge like fees or taxes.
but this is one good offering from the Venezuelan Government to at least recognizing the cryptocurrency and letting their People adopt this and in sooner time i believe that there will be progress and doors will be open for the crypto users in Venezuela.
Maybe in this part their government Do good at least to favor their people and not only government since then.

[manfredmann]

We will wait and see into this because this is a great advancemeny for cryptocurrency adaptation. If this will be successful then other countries can follow as well using bitcoin and other establish coins in the crypto market. I doubt that it can get accepted by the community after this that will going to showcase how effective or efficient cryptocurrency will be in the daily use for the community.