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Petro Cryptocurrency Is Open For Registration To Save Economy

Petro Cryptocurrency Is Open For Registration To Save Economy


Bank of Venezuela has almost made it to become the first financial institution in the country that gives an option to its customers to choose their mode of transaction between fiat and cryptocurrency, petro.

Petro is a digital currency issued by the government of Venezuela in February 2018. The state-owned bank’s move is a part of Venezuela government’s endeavor to save its economy and due to President Nicolas Maduro’s order to set a special counter for cryptocurrency related matters, in early July.

In order to allocate 1 million petro wallets to young Venezuelans, Moduro also approved a budget of $924 million bolivars (around $150,000).

Despite the fact that the largest bank in Venezuela have not made any official statement, clients have just started spotting the new feature of crypto wallet registration hours ago, on their accounts page.

At the moment, customers are only able to transfer their petros through the official web wallet and use channels like Criptolago, Bancar, and Amberes to trade the tokens. The petro hovers approximately $60 per token currently.

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Among the features are a drop-down menu for customers to “choose the type of crypto” that they would want to register, in a wise thought that the bank may include other digital currencies in future.

So it is almost confirmed that Venezuelans will be able to have transactions on crypto for fiat at the Bank of Venezuela soon.

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