Venezuela reportedly wants its central bank to hold bitcoin

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The bank is likewise considering proposals to count cryptocurrencies toward international reserves that have plummeted in recent years.

It’s not certain where Petroleos got the bitcoin and ethereum, let alone how much it has. There’s also no guarantee that companies would accept such a move when crypto’s relative anonymity and the potential for money laundering leads many other banks to hold off. That’s not even including the potential for further trade restrictions. This is a Hail Mary effort to sustain Venezuela’s economy (and thus the Maduro government), and it may ultimately amount to a risky experiment even if it goes ahead.

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