Venezuelan authorities announced the integration of Bitcoin and Litecoin wallets into the nation's Patria’s Cryptocurrency Remittance Platform, in an effort to boost national crypto adoption. The incorporation will also see the release of an, “...implementation of a service commission for all operations carried out in the Petro, Bitcoin and Litecoin wallets.” Venezuelan citizens are growing more open to using Bitcoin, and the country is ranked third globally in terms of cryptocurrency usage. The Venezuelan government has announced its official approval for many crypto sectors, legalizing cryptocurrency mining and use of cryptocurrencies in international commercial transactions.
Why it matters: Venezuela is in bad shape, and the government's decision to allow the use of cryptos like Bitcoin was likely based on necessity. The national currency of Venezuela has seen repeated remonetizations, and isn't used outside of Venezuelan borders. Bitcoin can be used whether or not a government allows it, as it has maintained its position in China despite a blanket ban on its use. For Venezuelan authorities, the use of Bitcoin and other cryptos is a boon to its almost completely broken economy, as Bitcoin can be used with other nations, and can't be corrupted by government action. Many Venezuelans have gone abroad, and sending Bitcoin back home is very easy.