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HomeCryptocurrency NewsEl Petro: the King is dead all hail the King

El Petro: the King is dead all hail the King


Nicolas Maduro forced the largest bank in Venezuela to begin operations with tokens Petro.

Venezuelan President Nicolas Maduro ordered the country’s largest bank, Banco de Venezuela, to begin processing transactions with the state cryptocurrency Petro.

This was reported by the press service of the Ministry of Finance of Venezuela and noted that the head of state ordered that all branches of the bank in the province could handle operations with the coin. Maduro made this statement during the event dedicated to the tenth anniversary of the nationalization of Banco de Venezuela.

Note that on June 19, Nicholas Maduro said that the country’s budget allocated 924 million Bolivars (just over $ 92.5 million) to a digital bank created specifically for young people. These funds will be used to open 1 million cryptocurrency accounts for Venezuelan young people.

The head of the National Cryptocurrency Association of Venezuela, José Angel Tavares, said:

This is a bold and correct decision to move towards a mixed economy, where a common currency will compete with the cryptocurrency

Despite the constant tightening of US sanctions against Petro token, some states, such as Russia, have already begun to consider options for its use in their operations with Venezuela.

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