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The state-owned Bank of Venezuela will soon be the first financial institution in the world to accept both cryptocurrencies and fiat currency. Unlike the physical wallet in your back pocket, a cryptocurrency wallet doesn’t actually store currency but the keys to a... More registration for the country’s ‘Petro’ cryptocurrency has just begun.
The Petro was long thought to be a gimmick and possibly a dead project. However, it seems that the country is still pushing onward with its cryptocurrency plans.
The Bank of Venezuela has opened up registrations for its Petro cryptocurrency wallet after an executive order by President Nicolas Maduro in early July. The order created a segment within the bank dedicated to cryptocurrency trading and the Petro. Currently, there is a new cryptocurrency wallet on the bank’s online interface.
Despite the mysterious changes happening on the backend, there has yet to be an official announcement from the Bank of Venezuela. Currently, users can hold the Petro via the cryptocurrency’s official web wallet. It is also trading on multiple exchanges like Amberes and Bancar at around $60.
Interestingly enough, the drop-down menu for registering a wallet with the bank also includes an option labeled ‘choose the type of crypto.’ Although Petro is currently the only option, this may be a hint that other cryptocurrencies will also be supported by the Bank of Venezuela in the future.
The state-issued cryptocurrency, released in 2018, is supposed to be backed by the country’s oil, gasoline, gold, and diamond supply. Intended as a new means of international financing, many analysts speculated it was ‘dead on arrival.’ However, it seems that the Bank of Venezuela is breathing new life into the project.
In July, President Maduro also approved a $925M bolivars budget to give one million young Venezuelans access to the Petro. So, although there are skeptics, the government seems completely serious about making it happen. Venezuela just could be the very first ‘crypto nation’ — but it remains to be seen whether this will help remedy its hyperinflationary economy.
Do you believe the Petro could actually defy expectations and be a success? Let us know your thoughts in the comments down below.
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