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Venezuela: Metro de Caracas will accept bitcoin and other cryptocurrencies

The Caracas Metro, the underground transportation system of the Venezuelan capital, will accept bitcoin and other cryptocurrencies as a payment method for the service, as part of a new plan called “automated ticket collection system.”

Through a publication on Twitter, the Caracas Metro Anonymous Company exposed the launch of this plan, which will change the payment method with tickets for a “smart card” for entering and using the transportation system.

In the publication, the state-owned company explains that this plan will take effect as of this Monday, March 1. The card includes 20 trips at the time of purchase and has a cost of 900,000 bolivars (just under $ 0.5 at the current exchange rate).

It is unknown what specifically will be the cryptocurrencies that will be accepted to pay the card. It is also not explained if users will be able to cancel the card or recharge it with the petro, the digital currency launched by the Venezuelan government whose use is very limited.

Venezuela: Metro de Caracas will accept bitcoin and other cryptocurrencies
Metro de Caracas will accept cryptocurrencies for the payment of the ticket . Source: @metro_caracas / twitter.com

Precisely, this doubt was expressed by various users on Twitter, who wonder about the possibility of using the currency created by the government , which already accepts it to cancel legal procedures in the country.

Bitcoin and cryptocurrencies in Venezuela

In a country with a hyperinflationary economy, Venezuelans have found a haven in bitcoin and other cryptocurrencies. This situation, together with the visibility that the government itself has given to the issue, with the launch of the petro and the recurrent mention of these assets, has made Venezuela one of the countries with the highest adoption of cryptocurrencies.

The government not only created its own digital currency, but has become increasingly interested in taking advantage of the benefits of bitcoin in various ways. For example, a report from the end of last year revealed that the authorities of the South American country would be negotiating with allied countries, such as Turkey and Iran, using cryptocurrency.

As CriptoNoticias has reviewed, there are several sources that allege the use of bitcoin and other cryptocurrencies from the Venezuelan government as an international negotiation mechanism evading the sanctions imposed by the United States against companies and figures within the government. Even a few months ago a farm for bitcoin mining was created in a military installation in the capital.

While the extent of funds in bitcoin and cryptocurrencies under government control, the truth is that this novelty of the Caracas Metro joins several initiatives of payments with cryptocurrencies for State services, such as passport processing.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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