(BlockBar) According to CCN, Venezuelan President Nicolas Maduro ordered nearly 790 oil coin counters in each branch of Banco de Venezuela, the largest bank in Venezuela. This strategy seems to be part of a nationwide plan to use cryptocurrency. . Prior to this, on June 20th, it ordered the distribution of 1 million encrypted wallets among young citizens to promote the use of cryptocurrency, namely petro.
The Petro coin is a national currency of Venezuela issued in February last year. A coin is equal to 1 barrel of oil. The country launched the currency to attract foreign investors, avoid US and EU sanctions, and overcome catastrophic malignancy inflation. The coin is endorsed by the state. In the latest white paper of the Petro, it is also clear that the currency is supported by oil by 50%, gold by 20%, iron by 20%, and diamond assets by 10%.
Venezuelan President Nicolas Maduro announced an order calling for the National Bank of Banque de Venezuela, the country’s largest bank, to open Petro trading desks for nearly 790 institutions across the country. The announcement apparently came during an event celebrating the tenth anniversary of the nationalization of the bank in question.
Previously, Maduro announced his decision to distribute encrypted wallets to 1 million young citizens. The Venezuelan government will also encourage them to work area related to crypto field. These wallets will be accompanied by an undisclosed fund.
José Angel Alvarez, president of the National Cryptocurrency Association (ASONACRIP), shared his impressions with 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.
Venezuela began to actively promote encryption activities. Petro (PTR) rose 25% on local exchanges. This strategy seems to be part of an active plan to promote the use of cryptocurrencies nationwide.
Alvarez told CCN that from his point of view, Venezuela is gradually becoming a country that replaces traditional banking with blockchain technology, which undoubtedly changes the country’s financial reality and may have a global impact.
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