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Venezuela Launches Government Service for Sending Bitcoin and Litecoin to Its Citizens


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First heard this on Thinking Crypto.

First government to make it official, even if they should have done it a year ago. 

https://techterrene.com/?p=23127

"Last week, the government of Venezuela launched a new cryptocurrency remittance service called Patria that allows people from anywhere in the world to send Bitcoin (BTC) and Litecoin (LTC) to the residents of that country."

 

Edited by VanGogh
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Uhh.. sending Bitcoin and Litecoin to a (corrupt) government run wallet and trusting them in giving it to the peope it was meant to get to. Sounds like a great plan.

Could very well be the start of other countries coming to their senses long before they bleed off all their citizens' wealth. Could be the start of digital asset adoption by many other countries. Will

First heard this on Thinking Crypto. First government to make it official, even if they should have done it a year ago.  https://techterrene.com/?p=23127 "Last week, the government of V

11 minutes ago, Benchmark said:

They must be very desparate. How about they start managing their resources properly instead of begging for a few cryptos. 

Could very well be the start of other countries coming to their senses long before they bleed off all their citizens' wealth. Could be the start of digital asset adoption by many other countries. Will be interesting to watch over the next few months. 

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5 minutes ago, DucPeter said:

Doesn't the Venezuelan government have something more urgent on their minds right now...??? I mean, the whole country is on fire!

That's just it. It's a last ditch effort because the crypto they created (petro coin) didn't work after ruining their fiat currency.

Edited by VanGogh
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I would advise extreme caution.

This appears to be a Venezuelan Maduro regime-controlled entity,  likely the one which they intend to use to implement their "crypto tax" scheme on incoming remittances.  I would not touch it for reasons of sanctions, even if I thought there was much chance that any citizen might receive any funds sent (or be able to use them or not become a target of the regime simply for receiving foreign remittances - et cetera, et cetera).

Fair warning.  This looks very, very dangerous, to me...  and I won't be touching it.

Edited by NightJanitor
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18 minutes ago, LanaVeil said:

Aren't they fighting this same government?

I don't believe it will work to save the Venezuelan Government. To me, the thing worth noting is that a government (albeit one hanging by a thread) has accepted crypto currency as legal tender. That's a first and is a big milestone. 

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