Venezuelan Banks Ordered By Maduro To Accept Petro Payments

Venezuelan Banks were ordered by the president of the country Nicolas Maduro to open their desks for transactions in Petro in more than 700 agencies across the country. We are reading more about his decision in the altcoin news below.

Maduro made the announcement during the event which celebrated the tenth anniversary of the bank’s nationalization right after the country purchased it from the Santander Group back in 2009. Maduro stated:

 “I am giving the explicit order to open Petro transaction desks at all Banco de Venezuela agencies.”

His strategy is a part of the aggressive expansion plan to promote the use of the Petro cryptocurrency around the country. Maduro announced the decision to also distribute crypto wallets to one million young citizens and said he will also educate the young people in the areas related to crypto.  The wallets will contain an undisclosed amount of funds to the administration will encourage a nationwide acceptance of the Petro cryptocurrency. This unexpected announcement was greeted with optimism by the crypto community in the country. The president of the National Cryptocurrency Association Jose Angel Alvarez shared his impressions saying that the Venezuelan Banks will use the new infrastructure in order to promote the adoption of the Petro cryptocurrency:

 “It is a bold and correct decision to move forward towards a hybrid economy where the fiduciary currency of a country competes for face to face with cryptocurrency. We should also note that Banco de Venezuela is the most important bank in the Venezuelan financial system and has the most significant number of clients. With this decision, this bank would become one of the exchanges with more physical offices in the world”.
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The announcement triggered a 25% increase in the price of the Petro cryptocurrency in a matter of minutes. The government of the country created the token to bypass the sanctions imposed by the United States. It may seem as the people of Venezuela are embracing Petro but the truth is that many of the people believe that the cryptocurrency is a scam as noted in the latest cryptocurrency news. Alvarez however says:

‘’The greatest challenge is the spread of knowledge; also, the Petro needs to make its way down to ordinary citizens; however, there have already been positive trials in which many ordinary Venezuelans started to see with good eyes how their Petro savings in the Patria System have preserved the value of their money.’’