Crypto remittances are an open thing in Venezuela. Patria is the remittance platform that is cryptocurrency compatible. The Venezuelan government permits the Patria platform to fully operate with Bitcoinand Litecoin wallets.
Patria is the state wallet application. Patria makes it easy for users to be able to send money to family and friends in Venezuela from overseas. Further domestic remittances can also be made through this site. Reportedly, there are more than 20 million users on the website.
It is well known that Venezuela is subject to strict United States Sanctions. Therefore, banks and international payment providers do not want to risk their stance by dealing with Venezuela related Transactions. The value of Bolivar, which is the currency of the country has been going down day by day due to hyper-inflation with the use of Bitcoin increasing. Because of this, authorities have stated that citizens can receive payments in the form of cryptocurrencies.
The usage of Bitcoin is expected to increase after it has been accepted in the national payment system in Venezuela. All of these concessions and enabling of cryptocurrencies are happening to reduce the impact of the US sanctions in the country. The country is having to take bold moves to preserve the ability to transact for their citizens.
The Maduro government are taking continual steps to take more positive steps in making use of censorship-resistant and decentralized cryptocurrencies like the Bitcoin.
When commenting about this, Sydney Ifergan, the crypto expert tweeted: “Just like Venezuela has chosen to use Litecoin, Bitcoin and Petro every nation will find one reason or the other to use cryptocurrency in the future.”
Litecoin (LTC) Lightening up
Litecoin are finding real world application by different methods. Recently, Litecoin announced their crypto lending partner ihaveCred who are now supporting Litecoin in all 50 states. Users have a reason to compound the benefits of Litecoin by LTC, DeFi, LitecoinFam.
Cred customers will be able to earn daily compound interest on their assets. Further, they will be able to choose simple interest for monthly interest income or they are compounding to build wealth over the life of their program by pledging Litecoin or other coins of their choice.
Consumer understanding and adoption of Litecoin is slowly increasing. They are happy when they are able to see that their crypto is working for them. A sizeable loan at a favorable interest rate on crypto while safety and security of the digital assets is preserved is a good thing.
