Venezuelan President Urges Major Bank to Start Accepting Petro

Nicolas Maduro, the President of Venezuela, has recently given an order to Banco de Venezuela,a leading player in the Venezuelan banking industry, to start accepting the famous oil-backed cryptocurrency of the country: Petro. The President has urged the bank to start accepting this digital asset soon in all its branches. The said update was intimated to the public by the country’s Finance Minister via a Twitter post published on the 4th of July.

As per the tweet, Maduro has given “the express order to open Petro desks in all the branches of the Bank of Venezuela.”

The announcement was reportedly made while an event to mark the tenth anniversary of the said bank’s nationalisation was underway.

On 19th June this year, President Maduro had made an announcement that a sum of about 924 million bolivars (which amounts to more than 92.5 million in dollar terms) had been allocated to the Digital Bank of Youth and Students for the purpose of opening a million Petro crypto wallets for the country’s young population to use.

Speaking about the initiative, José Angel Alvarez, president of Venezuelan National Cryptocurrency Association, gave a statement to a crypto news media outlet CCN saying:

“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.”

As has been reported before, Venezuela has been persistent in promoting the use of Petro crypto among its populace and has also taken great umbrage at the United States having issued sanctions against its national digital currency. It reacted strongly when US President Trump prohibited US citizens from buying Petro.

Even though it is still unclear how far the Petro crypto has been capable of ensuring a smooth sailing for the Venezuelan economy, it must be said that the country’s defence of the asset, launched to save its fledgling economy from the clutches of hyperinflation, has been rather valiant.

It remains to be seen if the Banco de Venezuela gives in to the Presidential demand.