President Maduro Orders Venezuela’s Bank To Start Accepting Petro

by | Jul 4, 2019 | Cryptocurrency, Cryptocurrency News

Maduro | Venezuela | Petro | Bank | Cryptocurrency

Nicolas Maduro, the President of Venezuela orders the country’s leading bank, Banco de Venezuela to accept the nation’s cryptocurrency, the Petro (PTR) at all of its branches, as tweeted by the country’s Finance Ministry on July 4.

As per the tweet, Maduro gave “the express order to open Petro desks in all the branches of the Bank of Venezuela.” Notably, it was during the tenth anniversary of the nationalization of the said bank that the announcement was made.

Maduro announced on June 19 via a tweet that 924 million bolivars (over $92.5 million) were allocated to the Digital Bank of Youth and Students in order to open one million Petro wallet accounts for the country’s youth. The president of the country’s National Cryptocurrency Association, osé Angel Alvarez commented to cryptocurrency news outlet CCN:

“It is a bold and correct decision to move forward towards a hybrid economy where the fiduciary currency of a country competes face to face with cryptocurrency.”

Venezuela has taken issue with United States sanctions in January, including those levied against transactions in the country’s national digital currency, the Petro (PTR), according to a World Trade Organization (WTO) consultation request, published Jan. 8. In March, President Trump banned US citizens from buying Petro.

Read more: Coinsquare Plans To Enable Millions Of ATMs To Sell Bitcoin

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