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Venezuelan Petro Token Becomes Utilized By Banks

11:12 07/11/2018

A few financial institutions of Venezuela have already started adopting Petro, the state-backed token created to overcome hyperinflation. The country's two largest banks began to denominate clients' account balances in national cryptocurrency, Bitcoin.com reports.

 

ATMs and online services of the private Venezuelan banks Banesco and Mercantil now display two figures — in bolivar and in Petro. It is noted that two other large banks will start working with the state token soon, which has recently become available for purchase.

Thus, the financial institutions follow the order of the authorities, although Venezuelans are not interested in the state initiative. As Reuters journalists found out, the national cryptocurrency Petro is not exchanged on crypto platforms and is not accepted as a means of payment at trading spots.

 

The Venezuelan President Nicolas Maduro conducted the monetary reform at the end of August 2018. Thus, the devalued bolivar lost five zeros, and the Petro token was introduced as an analog to the official currency. It was reported that the entire emission of the state cryptocurrency will be supported by Venezuelan oil, the price of which is about $66 per barrel. However, the investigation did not find the traces of oil production that was to supply the token.

Previously, the blockchain startup Dash launched a service in Venezuela, allowing to make crypto transactions with simple text messages. The reason for this is that many residents receive aids in tokens from abroad, but not all of them can afford a smartphone and the Internet connection required for the use of standard crypto wallets.

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