The President of Venezuela, Nicolas Maduro has ordered Banco de Venezuela, which is the country’s largest bank to start accepting the country’s cryptocurrency, Petro. The President has said that the Bank ok Venezuela will accept Petro (PTR) in all its branches. The news was tweeted by the Finance Ministry of Venezuela on July 4. 

The tweet said that President Maduro has ordered the Bank of Venezuela to open Petro desks in all its branches. This was said to be tweeted during a celebratory event held for the tenth anniversary of the Banco de Venezuela. 

To this the president of country’s National Cryptocurrency Association, Jose Angel Alvarez said that this is a correct and bold move. This will advance the country in a hybrid economy where the fiduciary currency of the nation, Venezuelan bolivar will stand face to face with nation’s cryptocurrency, Petro. 

A few weeks ago, on June 19th, the President announced that 924 million Bolivars (approximately $92.5) were granted to the Digital Bank of Youth and Students. This fund would be used to open a million Petro wallet accounts for the young population of Venezuela. 

In fact, a growing number of Venezuelan residents are turning towards cryptocurrency as a place of refuge for savings. In February, the Venezuelan Ministry of Popular Power for Communication and Information released the “Constituent Decree on the Integral System of Crypto Assets”. This will make companies, which work with crypto to register with Sunacrip. 

Petro is an oil-backed and state-sponsored Venezuelan digital token. The token was launched to ease the crisis forced by the hyperinflation of fiat currency, Venezuelan Bolivars. Although a huge population of Venezuela has turned towards cryptocurrency but, the Petro is still behind in the race. To increase its stability, Maduro has addressed the Petro a number of times in his television appearances. He said, “it will be a second accounting unit of the Republic and will begin operations as a mandatory accounting unit of our PDVSA oil industry.”

To this scenario, Agustin Carstens the General Manager of the Bank for International Settlements said that Venezuela might be ahead in a number of ways. 

What are your thoughts about the bold step taken by Maduro? Will it save the country from the crisis? Let us know in the comments section below.