Cryptonews Bitcoin News

Venezuela Unveils State-run Bitcoin, Litecoin, Dash, and Petro Exchange

Adoption

Bitcoin

Exchange Litecoin

Trading Venezuela

Last updated: June 26, 2023 06:54 EDT

Author

Tim Alper

Author Categories

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Author Profile

Last updated:

June 26, 2023 06:54 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

The Venezuelan government has doubled down on its pro-crypto stance by launching a crypto exchange – with support for Caracas’ petro (PTR) token as well as bitcoin (BTC), litecoin (LTC) and dash (DASH) pairings with the fiat bolivar.

In an official announcement from the National Superintendency of Crypto Assets and Related Activities (Sunacrip), the Venezuelan crypto regulator, posted on the government’s state-run media portal, the platform will be named the Venezuela Exchange (VEX).

Sunacrip added that VEX would make use of “P2P technology,” and would also be accessible through and linked to the government-issued crypto wallet app PetroApp.

Sunacrip wrote,

“This digital platform will let users carry out transactions in the [crypto] exchange market.”

The move is the latest in a flurry of activity from Sunacrip, which has also recently announced it would be making major upgrades to its Patria crypto remittance platform, with support offered for BTC and LTC wallets.

Sunacrip added that it would also be revamping its own website with features including bitcoin and altcoin price tickers and links to the Petro Calculator, a government-approved application that allows citizens to make real-time crypto-crypto, crypto-fiat, and fiat-crypto price calculations.

Sunacrip’s head Joselit Ramírez is one the chief architects of President Nicolás Maduro’s self-styled “cryptonomics” crypto-powered economic strategy. As reported in June, America has slapped a USD 5m bounty on the head of Ramírez – accusing him of “having deep political, social and economic ties to multiple alleged narcotics kingpins.”

Meanwhile, as reported this week, crypto wallet provider Xapo, owned by Coinbase, is the latest international venture to exit Venezuela. The decision comes hot on the heels of the recent exit of Paxful – a peer-to-peer crypto trading platform – as Washington continues to ramp up sanctions on Caracas. Also, in September, reports from Venezuela indicated that the government has blocked the United States-based major crypto exchange platform Coinbase. However, peer-to-peer crypto marketplace LocalBitcoins said it has “no plans” to leave Venezuela.
____

Learn more:
Maduro to Allow Use of ‘All Global Cryptos’ in International Trade Deals
Bitcoin Mining Legalized in Venezuela, Miners Must Join ‘National Pool’
Three Reasons Why Valiu Picked Bitcoin Over Stablecoins in Venezuela