Banco de Venezuela to accept El Petro: Maduro orders

Posted 05 July, 2019

Venezuela's leading bank – Banco de Venezuela – reportedly received an order under which is must start accepting El Petro coin in all branches. The order was made by country's president Nicolas Maduro.

"I am giving the explicit order to open Petro transaction desks at all Banco de Venezuela agencies," as cited country's Finance Ministry on Twitter.

It should be mentioned that Banco de Venezuela runs practically 800 offices in the country.

Maduro's move is probably a part of his plans for aggressive promotion of the cryptocurrency in the country. Specifically, he announced last month that more than VEF 900 million had been allocated to open one million crypto wallets for young people.

Notably, the local cryptocurrency enthusiasts welcomed such decision of the president. As the head of Venezuela's cryptocurrency association stated, this is the right decision to keep coming closer to the hybrid economy featuring fiats and cryptos. It was also noted that the role of Banco of Venezuela in this process is significatn since it is major banking institution in the country servicing substancial number of clients.

Besides, the launch of the coin at the bank can also enable users to exchange El Petro offline, so it can really enjoy a nationwide use.

For reference, Nicolas Maduro decided to launch the national cryptocurrency El Petro in attempt to dodge economic sanctions imposed by Washington against Venezuela.

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