Venezuela Government Orders The National Bank To Accept Petro

Nicolas Maduro, the Venezuelan president, has ordered the principal financial organization, Banco de Venezuela, to receive Petro (PTR), the virtual currency of the country. The news surfaced on 4th July on Tweeter.

This is an aggressive step taken by the Maduro government to promote Cryptocurrency in the country. About 790 Petro desk will be opened in all the branches of the aforementioned bank. It was also decided to distribute about 1 million digital currency wallets among the young citizens of the country.  The government will also edify young citizens for the adoption of crypto. To encourage the adoption of crypto throughout the nation, the government will be distributing the wallet with an undisclosed amount.

The commander of the nation was addressing a meeting to commemorate the 10th-anniversary celebration of adopting Banco de Venezuela as a national bank. The tweet by the Finance minister of the country echoed the president’s words to open Petro desk in all the branches of the national bank.

The unexpected declaration by the government has spread happiness among the crypto enthusiast of the country. The president of National crypto association of the country, José Angel Alvarez has said the infrastructure of the national bank would promote crypto adoption in the country. He further told the brave footstep taken by the government will help in moving towards the hybrid economy.

The announcement has an encouraging influence on the Value of Petro; its value increased by 25%.

Petro was developed by the Venezuelan administration to bypass the fiscal sanction forced on the country by the Donald Trump government. This has a disturbing effect on the citizen of the country. According to the United Nations Human Rights department, the economy of the country is facing a grave crisis because of the sanction. And the people of the country need compassion and should not be deprived of food and medicine. They also feel the section can lead to medical shortage and starvation.

The Maduro government is also framing out regulatory strategies to govern the crypto industry. The government is hoping for technological innovation in the country amidst the economic crisis.