Venezuelan President approves oil currency to legal currency transactions, will provide merchants and business owners with encrypted payment technology

According to Cryptonews, Venezuelan President Nicolas Maduro said that the currency has been authorized to trade in French currency, and the Venezuelan government will provide the necessary technology to all business owners who wish to begin accepting cryptocurrency payments. According to reports, from October 23, the “3 million” Venezuelans with Petro will be allowed to convert their tokens into French currency, Bolivar, Venezuela. Maduro urged merchants and business owners to consider adopting a cryptocurrency payment solution to revitalize the country's economy. It further stated that new economic measures related to the digital economy and cryptocurrency will be provided in the coming weeks. Last week, Maduro announced that it would distribute $3.6 million worth of oil coins to the nation and set up a petroleum coin fund.