Venezuelan President orders Venezuela Bank to open oil currency trading counter

Venezuelan President orders Venezuela Bank to open oil currency trading counter

  

Venezuelan President Nicolas Maduro ordered one of the country's largest banks to allow customers to use their controversial cryptocurrency (petos).

The Venezuelan Ministry of Finance issued the news later Wednesday on the 10th anniversary of the establishment of the Bank of Venezuela (BoV) and quoted Maduro as saying:

"I have ordered the opening of a petroleum coin trading counter at all banking institutions in Venezuela."

# EnVivo | Pdte. @NicolasMaduro: Doy la orden expresa para que se abran taquillas de El Petro en todas las agencias del Banco de Venezuela#TrabajoPazYProduccion# 10AnosBDV pic.twitter.com/mTMy8j2xs7

– MPPEF (@ minecofinancizas) July 3, 2019

Although no other details have been announced yet, the move may be to allow customers of the Venezuelan Bank (BoV) to purchase and store the petroleum coin petros.

The move is the latest move by the president to force Venezuelan institutions to strengthen the use of his favorite encryption project.

Marduro launched the oil coin early last year as a means of evading economic sanctions and has ordered banks and state-owned companies to use the tokens that are allegedly linked to the country's rich oil reserves.

He further stipulated that the payment of passport fees should be paid in oil coins – a possible way to slow people from fleeing this troubled country, because oil coins are currently not readily available to the public.

The coin is also linked to the new national legal currency, the sovereign currency bolivar, and even the pension and wage system is linked to the cryptocurrency.

Currency search: Bitcoin search engine www.btcsearch.com

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Report | New users enter the market less, beware of short-term market down risk

Source: TokenGazer Foreword On October 25th, Bitcoin rose more than 30% in one day. Whether the next period of time c...

Blockchain

Lightning Network receives support from Bitfinex exchange, stablecoin will be ushered in next step

In the past year, the Layer 2 protocol Lightning Network has encountered a lot of trouble, and with the continuous im...

Blockchain

Bitcoin will reach $100,000 in 2019? Claiming to be a "time traverser" from 2025

In the past few years, there have been people who claim to be Time Traveler, and some time travellers have predicted ...

Blockchain

Babbitt Column | Is it feasible to track the flow of digital assets?

I. Introduction The blockchain industry often has news that exchanges have been stolen. This has basically become com...

Opinion

Get Ready for the Crypto Christmas Run!

Fashion guru, are you ready to jump on the Bitcoin train? Experts like Robert Kiyosaki and Michael Saylor have foreca...

Blockchain

United Nations agencies set up cryptocurrency funds, Ethereum official donated 10,000 ETH for its support

According to foreign media, UNICEF blockchain business leader Christina Lomazzo and her international team announced ...