Venezuela Government Orders Banks to Use Petro Cryptocurrency

Nishanth Shetty

August 29, 2018 4:43 pm

Cryptocurrency News

Venezuela Government Orders Banks to Use Petro Cryptocurrency | Coindelite News
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Maduro government has been in the news for launching its own cryptocurrency in the state. According to the reports, the government has now ordered banks to use Petro cryptocurrency.

The report stated that all financial information should be dominated by both Petro and Bolivar Venezuela’s official currency. The government indicated that the cryptocurrency (Petro) had raised billions of dollars during its pre-sale. Note that no evidence has been provided by the government on this claim.

In March, the U.S. president Donald Trump announced new sanctions against Venezuelan cryptocurrency Petro. The government had made its announcement on the state-owned oil and gas company Petróleos de Venezuela (PDVSA). The announcement stated that the company would start using the Petro as a unit of account. It also included that officials will make sure that government-funded pensions and salaries will be anchored to the cryptocurrencies.

Venezuela Central Bank has launched an app to convert cryptos. This app will allow users to convert their fiat currency into Petro.

Recently the bank announced on Twitter:

According to the reports, both the private and public banks are now required to provide all financial information in Bolivars and Petros. The International Monetary Fund (IMF) has predicted that inflation in Venezuela will reach one million percent before the end of 2018.

This news raises concerns for the citizens of Venezuela as they will have limited trading options as a way to build financial wealth.

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