Nicolas Maduro, the President of Venezuela, has ordered the country’s leading bank, Banco de Venezuela to start accepting the national cryptocurrency, Petro.
The national leader reportedly made the declaration at an event celebrating ten years since Banco de Venezuela was adopted as the country’s national bank.
A tweet echoing the words of the President subsequently appeared on the Twitter handle of the country’s Ministry of Finance on July 3, confirming that he gave “the express order to open Petro desks in all the branches of the Bank of Venezuela.”
The latest announcement by Maduro no doubt marks another of his efforts to promote the Petro cryptocurrency created by his regime to subvert U.S sanctions and steady the nation’s failing economy. The country’s oil supplies back the cryptocurrency which exists alongside the native fiat currency, Bolivar.
While to a large extent, the experiment has not yielded so much success, Maduro remains bent on having his subjects; mainly youths adopt the national cryptocurrency.
Less than a month ago, precisely on June 19, he had mapped out 924 million bolivars (appr. $92.5 million) for the Digital Bank of Youths and Students Venezuela, to open one million Petro wallets for youths in the country.
Further, Maduro had passed into law a regulatory framework that would govern the country’s crypto industry, with the hope of encouraging innovation in the country’s technological sector amid the ongoing crisis.
The South American country also collects taxes on cryptocurrency-related transactions, announcing in January that individuals and businesses who carry out transactions by using cryptocurrencies or foreign fiat would have to report their income and pay taxes in the same currency that they used for the operation.