The oil-indexed digital currency Petro (PTR) soon going to be rolled out in Venezuela, as the orders have come from Nicolas Maduro to Banco de Venezuela to kick off the process- an initiative to save the economy from a meltdown.
The government-backed cryptocurrency was introduced in February 2018,by the country’s President Nicolas Maduro in an effort to overcome the hyperinflation and to deal with the economic crises which the citizens are facing due to allegedly unappropriated sanctions, led by the U.S. President Donald Trump. The harsh policies have severely affected the Venezuelan citizens. In a press release an expert from the UN Human Rights Office, IdrissJazairy said that these sanctions “can lead to starvation and medical shortage.”
On May 17, news broke out that Venezuela is in the process of closing some mutual settlements with Russia while using the ruble against the US dollar. The conclusions for the depressed economy by connecting with the world’s largest economy in the bilateral trade would certainly be a big step for the restructuring of Venezuela foreign debt.
President Maduro and Petro [PTR] Cryptocurrency
In a recent update, President Maduro has commanded the Banco de Venezuela- an international universal bank based in Caracas to accept Maduro’s Petro (PTR) cryptocurrency and open up Petro desks at all of its branches which are approximately 790 in numbers across the country. The information came through a tweet by the country’s official Twitter account @ MinEcoFinanzas- Ministry of the Popular Power of Economy and Finances on July 4th.
The tweet says,
“ I express orders to transactions lockers Petro open in all agencies of Banco de Venezuela.”
However, after the tweet, there are several comments which are like before questioning the Petro (PTR) token image and cited that Petro is a scam.
Reportedly, the message came during an event while celebrating the tenth anniversary of the bank’s nationalization which the country had purchased it from Santander Group in 2009.
As per the available information, the Venezuelan government has started the process of imparting education, in relevance to the cryptocurrency, among the citizens and to strengthen their endeavors, it is displayed that approximately 924 million Bolivars were allotted to the Digital Bank of Youth and Students by President Maduro so that Venezuelan youth can open up at least 1 million Petrowallet accounts. The announcement came through the Maduro’s Twitter page on June 19th.
Venezuela possibly is moving towards the new hybrid economy to resolve the persistent social and financial calamities where new organizational forms and new multi-actor collaborations would blend together to support the hyperinflated country.
Petro [PTR] and Banco de Venezuela
The aggressive initiative of Maduro’s government is seen as a bold and correct decree where the fiduciary currency of a country competes for face to face with digital currency- José Angel Alvarez, president of the National Cryptocurrency Association (ASONACRIP) while expressing his optimism towards the deployment of Petro (PTR) which is originated in order to curb the ongoing economic issues in Venezuela communicated to one of the media outlets. Alvarez further mentioned that as Banco de Venezuela is the leading bank in the Venezuelan financial system and enjoys the massive customer base with huge branches world over that would certainly help the Petro (PTR) to flourish more effectively in less time.
“The future is promising…and Venezuela would be at the forefront to put an end to world financial hegemony.”
Interestingly, there is a visible sign of growth can be seen in the Petro (PTR) price after the assertive announcement by Maduro to Banco de Venezuela. At press time, Petro (PTR) is trading at $0.025409 USD which is increased by (25.85%).
Tags: Venezuela, Cryptocurrencies, Nicolas Maduro, Government, U.S. Sanctions, President Trump, Banks, Altcoin News, Banking, Petro (PTR), Banco de Venezuela, Cryptocurrency Wallet, Russia, Ruble.