The Venezuelan Government recently expressed its interest in the expansion of its remittance platform related to cryptocurrencies. The Government is now working to expedite the development process of Patria. Patria has been introduced by the Venezuelan Government as a crypto-compatibility remittance platform.
Currently, the Venezuelan Government is focusing on two particular cryptocurrencies such as Litecoin (LTC) & Bitcoin (BTC).
The Patria platform is very popular among the Venezuelan citizens living within as well as outside Venezuela. The platform allows Venezuelans to live overseas to be able to send remittances to their families and friends.
The platform is also known for allowing Venezuelans to make local/domestic remittances in cryptocurrencies. Just recently, the Patria operating team announced that it is currently catering to more than 20 million users.
As per the stats, the Venezuelan crypto-remittances volume has been increased significantly. It has gained a lot of popularity among Venezuelan citizens in recent years. The main reason behind the increase is subjected to the sanctions imposed by the United States over the Venezuelan State.
The sanctions imposed by the U.S. Government prevent international payment provides and banks from dealing with transactions that originate from Venezuelan citizens whether overseas or local.
The development of Patria went on the Facebook platform as well as other blogs to make the announcement. They stated that they are currently working on updating and upgrading the services offered through Patria.
The Patria platform will be updated with more services and features, and it will introduce a beta version for testing. However, the Patria developing team has not provided any final date of launch of the beta version.
However, the Patria team has made a very pleasing announcement for the Bitcoin (BTC), Litecoin (LTC), and petro (PTR), issued by the Venezuelan Government. As per the announcement, all three digital currencies will be charged a flat commission rate for the transactions.
On top of this, the Patria platform also plans to offer crypto-exchange related services. These services will initially introduce petro-litecoin and petro-bitcoin as trading pairs.