Maduro's Eye is Bitcoin! –

[ad_1] is said that the Venezuelan government has decided to take a decision to pay fees for payments of Bitcoin shipments in the country. This step shows that Maduro's government, still without money, continues to seek different ways of financing after the country's economic restrictions.

Mature blindfolded in the emerging market of Bitcoin

In early March 2019, the Maduro regime launched the Patria, an encrypted state money transfer service. As previously reported by, the government also applied a 15 percent salary for all shipments of Bitcoin and encrypted currency on the platform.

According to Caracas Chronicles, the measure shows that the Venezuelan government is a pivotal tool to take advantage of BTC's growing remittances market in the country.

Difficult Conditions

Strangely, economic restrictions indicate that the government wants to make use of the funds sent by citizens living abroad in Caracas and their relatives living in the country through BTC and other encryption coins.

The Patria platform also raises some user privacy issues as it forces the sender to provide descriptive information, such as a national identity card and date of birth. In addition, the funds do not go directly into the buyer's wallet. Payment is accepted by the country and a notification of payment is sent to the buyer.

Adoption of the Platform

The client has to visit the Homeland website to facilitate payment to his bank account in Bolivar. Given the increase in daily inflation, it will probably take some time for people to actually adopt the Patria platform.

Reports show that the USD and Bitcoin are preferred to Bolivar, which is becoming increasingly useless. A 500-pound suitcase is not enough to get toilet paper these days.

Bitcoin Peer-to-Peer Exchange Transactions in Venezuela

Meanwhile, BTC's peer-to-peer (P2P) trade in Venezuela appears to have entered a recovery period after the decline in the second week of March 2019. CoinDance data show that volume traded for this week ended in March 16 and was over 1,800 (about $ 7.3 million).

Power failures

While some observed a drop in Bitcoin's peer-to-peer transaction volumes during a power outage, others found different solutions to the inadequacy of Internet service caused by a power outage.

In a subreddit account allocated to Bitcoin, many people are talking about using SMS platforms, such as CoinTigo, in encrypted currency payments. However, credit / debit card services stopped completely due to a power outage that affected more than 70% of the country.

As previously reported by, the US government has made restrictions in Venezuela regarding payments made with Visa and Mastercard. Such a move, the level of acceptance of the BTC in the country could be considered profound effects.

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