Banco de Venezuela starts accepting Petro cryptocurrency

Banco de Venezuela starts accepting Petro cryptocurrency

Banco de Venezuela starts accepting Petro cryptocurrency

President Nicolas Maduro has ordered the urgent opening of terminals for national digital money.

Banco de Venezuela will start accepting Petro’s national cryptocurrency in all branches soon. The corresponding order was given by President Nicolas Maduro during the celebration of the decade of nationalization of the bank, the Ministry of Finance reported.

“Nicolas Maduro: this year Petro terminals will be opened in all branches of Banco de Venezuela,” the official Treasury’s Twitter account says.

According to the President of the National Cryptocurrency Association of the country Jose Angel Alvarez, the government has decided to switch to a hybrid economy, in which the national currency will be in direct competition with the cryptocurrency, writes CCN. In June, Maduro reported that for the younger generation of residents of Venezuela, in the Digital Bank of Youth and Students wallets worth 1 million Petro were opened. For this purpose 924 million bolivars were allocated.

In January, the head of Waves and general director of the blockchain platform Vostok, Alexander Ivanov, suggested that the Venezuelan cryptocurrency would cease to exist in 2019 with a probability of 90%. The specialist believes that the experiment will not succeed, and in the current economic situation in the country Petro will not be able to work and bring some tangible benefits.


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About Shawn Morrison 204 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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