Venezuela Is Seriously Pushing Its State-Run Cryptocurrency

Venezuela says its state-run cryptocurrency is the safest way to send money home.

Care Package

The Venezuelan government just announced a new state-run cryptocurrency platform called Patria Remesa, according to a Monday press release — and it wants its citizens who are working abroad to use it to send funds back home.

In the release, the government argues that sending remittances through the government's oil-backed crypto is safer and more cost-effective than existing means, suggesting that Venezuela sees crypto trading as a way to bolster its economy and become more competitive internationally.

Pitching In

During a radio broadcast described in the press release, Venezuela's National Crypto Superintendent Joselit Ramírez insisted that sending the cryptocurrency, petro, is the most secure way to send a remittance into the country.

"The world is evolving, there is a new economic revolution that is coming to continue advancing in the country and contribute to the world economy," Ramírez said on the broadcast, as translated by Google. "The traditional financial system is no longer enough. That's why cryptocurrencies arrived to open their eyes to the economic world."

READ MORE: Plataforma Patria Remesa en Criptoactivos está en pleno funcionamiento [Vicepresidencia.gob.ve]

More on the petro: Trump’s Shady Ban of Venezuela’s Shady Cryptocurrency, the Petro: Pretty Shady