The Crypto Times
Image default
Government News

Venezuela’s President Demands Bank of Venezuela to Accept the Crypto Petro

President Nicolas Maduro ordered his country’s top bank, the Banco de Venezuela, to accept the cryptocurrency Petro (PTR). 

Petro Desks

Venezuela’s Ministry of Finance tweeted that Maduro gave express orders that all Bank of Valenzuela branches should open Petro desks. 

The announcement was made during an event commemorating the tenth anniversary of the bank. 

Maduro has been determined to bring the country’s cryptocurrency to the mainstream and this order is seen as another aggressive move to promote the controversial crypto. 

In June, Maduro proclaimed the allocation of 924 million bolivars, or more than $92.5 million, for the Digital Bank of Youth and Students. The money would be used to open a million Petro wallets for Venezuela’s young constituents. 

Jose Angel Alvarez on the Issue

The president of Venezuela’s National Cryptocurrency Association, Jose Angel Alvarez, said to media outlet CCN that it was right to move the country towards a hybrid economy where fiduciary currency can compete with cryptocurrency on level ground. 

As a matter of fact, more Venezuelans are turning to Bitcoin and other digital currencies as a way to safeguard their money as the inflation of the Bolivar continues. The country has even placed sanctions on using crypto as a way to discourage people from using it instead of Venezuela’s currency.

Despite the apparent growing interest in cryptocurrencies, the Petro has been struggling since its launch in 2018, probably due to concerns about its legitimacy. 

Venezuela complained back in January against sanctions levied by the United States regarding the digital currency Petro. In March, US President Trump blocked American citizens from purchasing the Petro.

Related posts

Security Firm Uncovers Stantinko’s Latest Fraudulent Activity Involving YouTube

Viena Abdon

China’s The9 Ltd Reported to be First Publicly-Named Foreign Investor in Telegram ICO

Viena Abdon

Hurun List Features 5 Cryptocurrency Billionaires

Viena Abdon

ITIF Shares Guidelines on Blockchain Regulations With Policymakers

Viena Abdon

Tech Titan IBM Increases Tally of US Blockchain Patents Since 2018

Viena Abdon

DEX Website to Block User Access from 29 Countries in July; Trading and Wallet Access Affected

Viena Abdon