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

– 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

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