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  • The state-run PDVSA wants to send its Bitcoin and Ethereum holdings to the central bank.
  • Venezuela’s central bank is deliberating on counting  cryptocurrencies as part of its dwindling international reserves.

The central bank of the inflation grappled Venezuela is considering holding digital currencies in its reserves. Bloomberg highlighted the dilemma the central bank is  facing citing four people with knowledge of the matter. However, the four asked to remain  anonymous.

He state-run Petroleos de Venezuela SA is searching for a way to transfer Bitcoin and Ethereum to the central bank in order to allow the regulator to pay the suppliers of oil with the digital tokens. In addition to that, the staff of the central banks are also deliberating on proposals that seek to have cryptos counted as part of the country’s international reserves which are almost hitting a three-decade of $7.9 billion.

The country run by Nicolas Maduro is facing strict sanctions from the United States due to the current authoritarian regime. This has kept Venezuela away from the global financial system. The efforts by the president to use a national cryptocurrency to bypass the exclusion failed miserably.

PDVSA intends to use the central bank to sell the digital assets in its possession to avoid the scrutiny that comes with registering with a cryptocurrency exchange. The oil company believes that the central bank is not exposed to potential blocks and could easily pay the PDVSA’s creditors.