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Venezuelan President orders banks to adopt the digital currency “Petro”

Venezuelan President orders banks to adopt the digital currency “Petro”

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Answer Venezuelan President orders banks to adopt the digital currency “Petro”

Venezuelan President Nicolas Maduro has asked banks in Venezuela to adopt the oil-backed digital currency “Petro”, so that financial institutions in the country are required to provide services in exchange for the digital currency “Petro” alongside the national currency of the Bolivar.

At a time when Venezuela is facing the crisis of high inflation and a shortage of basic products, the reliance on the digital currency “Petro” is part of Maduro’s plan to treat the deepening economic crisis.

Note that the Venezuelan state is facing economic stagnation and major inflation recently, forcing two million people to emigrate from the country, and the International Monetary Fund expected that the inflation rate in Venezuela would reach 1,000,000%, and countries such as Iran and Venezuela began to search for solutions to get out of economic crises through currencies digital.

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This step is part of a program launched earlier this year with the aim of gaining access to international funding and avoiding the sanctions imposed by the United States of America on Venezuela.

Among these economic changes, the Central Bank of Venezuela – Banco Central de Venezuela – announced an application on the Android system aimed at helping citizens convert fiat currencies into the new digital currency “petro” linked to petroleum.

Although more than half a year has passed, the digital currency “Petro” has only recently seen the most significant developments. The Venezuelan president announced in the middle of this month that the digital currency “Petro” will become the official currency of Petróleos de Venezuela, the state-owned oil and gas company.

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“From next Monday, Venezuela will have a second accounting unit based on the value of the digital currency Petro, and it will also become a mandatory accounting unit in the oil industry,” Maduro said in a speech.


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