Order to Venezuela Bank to trade Petro currency

On the occasion of the 10th anniversary of the nationalization of the bank, President Maduro ordered the Venezuelan Bank to trade Petro’s digital currency.

The Venezuelan Ministry of Finance has published Maduro’s order on Twitter:

“This is an express order for the opening of trading offices with Petro in all agencies of the Bank of Venezuela.”

#EnVivo | Pdte. @NicolasMaduro: Doy to express the allegations that El Petro’s transactions with the Banco de Venezuela#TrabajoPazYProduccion# 10AñosBDV pic.twitter.com/mTMy8j2xs7

– MPPEF (@MinEcoFinanzas) July 3, 2019

As a result, bank customers will be able to buy and store Petro through specialized bank offices.

This is Maduro’s latest attempt to force the use of the national Petro digital coin.

Petro digital coin

Petro was launched last year as a means of avoiding international economic sanctions. This is in theory based on the country’s oil reserves, and Maduro has ordered banks and state-owned companies to use it.

The controversial crypto project did not enjoy too much support at national level. However, Maduro tried to introduce it into several economic areas.

Last month, for example, Maduro announced that 924 million bolivarians (over $ 92.5 million) were allocated to the Digital Bank of Young and Students to open a million Petroleum wallets for young people in the country.

It is actively involved in the intercambio criptomonedas de través del Banco Digital from Juventud y los Estudiantes, with recursos asignados por Bs. 924 millones at the aperture of 1 millions of Cuentas Wallet. El Petro al servicio de nuestra juventud produtiva. pic.twitter.com/YyYpaicA8f

– Nicolás Maduro (@NicolasMaduro) June 20, 2019

Previously, he asked for the fees for issuing passports to be perceived in the Petro currency. Analysts say this is a possible means of slowing the exodus of people in the country. Currently, the population has no easy access to cryptomonas.

José Angel Alvarez, president of the National Association of Cryptomones, commented:

“It is a bold and fair decision to advance towards a hybrid economy where a country’s fiduciary currency competes with a cryptomon.”