Venezuela: Maduro Orders Country's Largest Bank to Accept Its Petro Cryptocurrency

Jul 10,2019 at 06:43 am


Venezuelan President Nicolas Maduro has recently ordered the country’s largest bank, the Banco de Venezuela, to start accepting deposits in the government’s oil-backed cryptocurrency Petro, in a move made to bolster its use.


According to a tweet published by Venezuela’s Finance Ministry, Maduro issued an order for the Bank of Venezuela to “open Petro desks, in all [its] branches” when celebrating the tenth anniversary of the bank’s existence.


Analysts believe the order is the latest move in a set of new policies Maduro has put in place to bolster the Petro’s adoption, which has been lackluster. Last month, Maduro announced that 924 million bolivars, worth about $92.5 million, were granted to the Digital Bank of Youth and Students, to open a million Petro wallets for the country’s youth.


At the time José Angel Alvarez, president of the country’s National Cryptocurrency Association, stated it was a “bold and correct decision” to move towards a “hybrid economy” where cryptocurrencies and fiat currency compete.


Earlier, Maduro issued a policy that started requiring citizens to purchase their Petros using the oil-backed cryptocurrency. The country’s president has also tried to get other countries to pay for oil exports with the Petro.

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