Venezuela’s President Nicolas Maduro ordered the country’s leading bank, Banco de Venezuela, to accept the nation’s cryptocurrency, the Petro (PTR) at all of its branches, the country’s Finance Ministry tweeted on July 4.
According to the tweet, Maduro gave “the express order to open Petro desks in all the branches of the Bank of Venezuela.” The announcement apparently came during an event celebrating the tenth anniversary of the nationalization of the bank in question.
On June 19, Maduro announced that 924 million bolivars (over $92.5 million) were allocated to the Digital Bank of Youth and Students to open one million Petro wallet accounts for the country’s youth. José Angel Alvarez, president of the country’s National Cryptocurrency Association, commented to cryptocurrency news outlet CCN:
“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.”
https://cointelegraph.com/news/president-maduro-orders-the-bank-of-venezuela-to-accept-petro-crypto
These are steps that they ought to have initially taken the very first time they started having problem with their economy, I hope the damage done to the economy has not gone too deep for cryptocurrency to resolve it, and I am wondering why they are even making a wrong choice if cryptocurrency when we have other better cryptocurrency they would have supported and implemented like bitcoin. According to the tweet, Maduro gave “the express order to open Petro desks in all the branches of the Bank of Venezuela.” The announcement apparently came during an event celebrating the tenth anniversary of the nationalization of the bank in question.
On June 19, Maduro announced that 924 million bolivars (over $92.5 million) were allocated to the Digital Bank of Youth and Students to open one million Petro wallet accounts for the country’s youth. José Angel Alvarez, president of the country’s National Cryptocurrency Association, commented to cryptocurrency news outlet CCN:
“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.”
https://cointelegraph.com/news/president-maduro-orders-the-bank-of-venezuela-to-accept-petro-crypto
This petro crypto, I am having this belief that it was personally developed for them, but before I conclude, I think I need to make research on their background, and also heck how long they have been existing, if it is a newly established coin, then it will be more of centralized coin, which I would not be sure can still salvaged their situation. I think the best crypto to use in this time should be bitcoin.
