Cryptocurrency

06/11/18 10:40 UTC-4

Venezuelan banks are beginning to use Petro to account for customers

Venezuelan banks use Petro
Venezuelan banks use Petro

The controversial national cryptocurrency of Venezuela, Petro, is slowly penetrating the daily lives of its citizens. The currency, each unit of which is allegedly supported by a barrel of oil, began to appear on screens during the registration of bank accounts of Venezuelan clients.

This move marks the latest attempt by the government of President Nicolas Maduro to accept Petro.

In the past few days, several people in Venezuela have reported that Petro acts as an accounting unit for online banking as a bank account. Even though customers did not show interest in the use of cryptocurrency, national banks began to introduce it on behalf of the government, seeking to normalize the pipeline and eventually ensure its adoption.

News.Bitcoin.com received reports that – "Banesco and Mercantil, the two largest banks of Venezuela, presented this measure."

When customers of these banks enter the system, they see their balance, denominated in two currencies: Bolivar and Petro. Although the latter is supposedly correlated with a barrel of oil, there was little evidence to support this and a small public appetite for adopting cryptocurrency, despite the devaluation of the bolivar. Bolivar fuerte officially replaced soberano, on August 20 of this year at a rate of 1: 100,000, to stop the flow of hyperinflation.

According to a Venezuelan source – News.Bitcoin.com: "The other two largest private banks in the country, BBVA Provincial and BFC, have not yet been able to imitate Baneco and Mercantililou, expressing balances with Petro."

The government’s concerted efforts to secure Petro’s adoption included the Supreme Court’s decision to pay compensation using cryptocurrency. The data shows that Venezuelans are turning to decentralized cryptocurrencies, such as Bitcoin. Over the past weeks, the volume of trade at BTC in the local market reached record levels, with more than 1000 BTC tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
a week on the P2P market in October.

Editor: Yuliya Soroka

See also: "XRP price rises and approaches 50 cents"

#Petro #Bitcoin #cryptocurrency #Bolivar fuerte #BTC

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