Patria Wallet and Cryptocurrencies

The Patria system is a web platform through which the national government sends vouchers and financial aid to registered users. The funds are distributed in bolivars, the national currency of Venezuela, under the denomination of “social protection.”

In addition, the Venezuelan government created the PetroApp to store and use the Petro currency. This is a digital currency that can be used within Venezuela and The application allows to manage Petros and also cryptocurrencies such as Bitcoin, Litecoin and Dash. Users can also buy these assets and send them to relatives, including through remittances.

In this context, users can carry out operations with the petro-bitcoin and petro-litecoin pairs, but with withdrawals to the petroApp or what is the same as, an online wallet arranged by the government to use cryptocurrencies as a form of payment. in commercial establishments in the country.

Namely, withdrawals to third-party wallets would not be considered, which means that the funds are kept within the official crypto-asset scheme established by the Venezuelan government.

Recall that, since December 2019, the Patria platform has cryptocurrency exchange functions. However, these are limited to swaps for the bolívar-petro and petro-bolívar pairs.

Can you buy or sell cryptocurrencies with the Patria Wallet?

You can exchange petros for bolivars or other cryptocurrencies such as Bitcoin, Ethereum, Litecoin or Dash, in any of the exchanges that exist in Venezuela, authorized by the National Superintendency of Crypto Assets and Related Activities (Sunacrip).

Some of the exchange houses are Cryptoex, Cryptia, Bancar, Amberescoin, Afx, Criptolago and Criptomundo, among others. Users must first register and verify their identity on these pages, reviewing the terms and conditions of each one in order to choose the one that best suits their needs.

Beyond explaining the specific details of each of these portals, we can appreciate that they all work like the traditional exchanges that we usually see in the cryptocurrency market, which implies that in order to operate in them we must register and go through a process of KYC to be able to have all the functions within our account.

However, beyond the apparent benefit that can be seen buying in these exchanges, it is necessary to mention that many of these exchanges establish limits for users when making exchanges with the Petro. For example, Criptolago users have mentioned that they can only sell 0.3 PTR every 15 days. Although limits have only been seen for sellers, this can also be an inconvenience for those who want to buy since they must attend several orders in order to specify the amount of the operation they want.

On the other hand, there are two most widely used markets or “pairs” in the country. The PTR / Bitcoin (BTC) pair and the PTR / BS. However, the process of exchange or conversion of the petro may not be simple, in principle because the government established an auction system so that the price is determined by the market, which makes obtaining bolivars through the petro depend on the supply of national currency, which has been very scarce. In short, very few have shown interest in parting with the bolivar to invest in petros. And, on the other hand, by design, the system does not encourage the option of conversion.

Petros Transfers

But, there is an option for the use of the cryptoactive, which is transferring the funds to registered and verified relatives via petro wallet in the Patria system. From homeland to petroapp then to other cryptocurrencies.

To do this, the family member must have their petro wallet added to the Patria platform, where they will receive the coins.

You must also take into consideration that it is essential to be registered in the PetroApp portal and have confirmed your username to be able to connect the Patria Wallet with the Petro Wallet. The email you used in the Petro system must be duly registered in the emails option of the profile.

Through a recently published press release, the platform announced that the system will be updated to receive remittances in petros, bitcoin and litecoin.

«The most important changes that will be progressively detailed will be: incorporation of the bitcoin and litecoin wallets; allow to receive remittances in petro and cryptocurrencies; incorporation of the petro-bitcoin and petro-litecoin pairs; update of commissions, exchange rates and remittances; implementation of a service fee for all operations and withdrawal of funds from bitcoin and litecoin wallets to the petroApp“The statement reads.

The service reiterated that the update would be gradual, so some of the features would not be available immediately. In addition, the platform warned that those who decide to test its services will do so “under their full responsibility.”

How to use the Petros from the Patria purse?

Although there are still doubts about the operation of the Petro as a payment system, there are some options on how and where to use this government digital token. Here we summarize some of them:

Payments in petros with the BioPagoBDV system

It is the most recommended way to pay for your products or services in businesses that use this system. You just have to keep your Petros in the Patria purse, hand over your laminated ID once at the commercial establishment and then put your fingerprint on the device to activate the payment. You do not need to have an account at Banco de Venezuela. The biometric database of the Patria platform is managed directly by this entity.

It must be taken into account that the network of shops that the Biopago system has is limited and not all the commercial chains of majority preference are part of this system, administered by the Bank of Venezuela, exclusively.

More importantly, is the fact that there are currently no private businesses in the country that are enabling the function of receiving Petros as a form of payment.

Buying via QR code from the PetroApp wallet

In the event that the commercial establishment does not have the BioPagoBDV system available, it can do so through the PetroApp, which allows you to manage the token or other cryptocurrencies such as Bitcoin, Litecoin or Dash. However, this form of payment requires that the merchant is also associated with the PetroApp wallet, therefore it must be affiliated with the digital data of the digital token.

Canceling with PuntoYa at BDVEnLínea

The PuntoYa is another form of payment with petros for BDVEnLínea users about which little is said. To use it, it is necessary for people to be registered in the Pago Clave service of BDVEnLínea, in such a way that the merchant will see the option at the time of payment.

The establishment can charge you petros even if you are not working with Biopago and without commissions, with the only difference that the petros are debited from the PetroApp. For the trade, on the other hand, the advantage is that you receive them at the same value as if you were paying with BioPago, in addition to obtaining automatic settlement without the need to close at the end of the day as happens with any POS (point of sale).

Change to bolivars or cryptocurrencies via exchanges

You can exchange petros for bolivars or other cryptocurrencies such as Bitcoin, Ethereum, Litecoin or Dash, in any of the exchanges that exist in Venezuela, authorized by the National Superintendency of Crypto Assets and Related Activities (Sunacrip).

Petros Transfers

Finally, there is an option for the use of the cryptoactive, which is transferring the funds to registered and verified relatives via petro wallet in the Patria system. From homeland to petroapp then to other cryptocurrencies.

How to withdraw funds in the wallet of the Homeland?

As for how to withdraw funds from Monedero Patria, we will explain it to you in a simple way. However, for the purposes of this explanation you must already have an account on this platform.

Now, to begin, you must log into the Homeland portal and select the Wallet option from the top menu.

Here, on the Petro Wallet (PTR) section, you will be able to see the balance in petros that you have. Now you will need to go to the Exchange section of the side menu.

Once in said window, you must click on the option “create quote” to create a trade request.

Now, the only data we will need to put in is:

Origin purse: where we will select Petro Wallet (PTR). What is the default wallet within the platform.

Amount offered: The amount that we are going to exchange. In this case, 0.5 PTR appears, which is the total that our portfolio reflects.

The rest of the information, as you can see, will be filled in automatically. Although some things can be modified, such as the amount demanded or the due date, it is preferable to leave everything as it is, to avoid confusion.

On the phone that you have registered within the Patria platform, you will receive the confirmation code, which you must enter and then press “confirm”.

After this, you already have an active change order, as you can see on the Active Quotes section.

Now we have to wait for the order to be settled and the funds in bolivars will appear in your wallet.

How do I register in the Homeland?

On the website, both Venezuelans and foreigners can register with their identity card, their cell phone, their gender, their date of birth and with the confirmation code that the platform sends to their mobile.

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