The economy in Venezuela is going down. The country is experiencing high inflation and constant shortage of food and water, mainly because of US sanctions.
In the summer of 2018, Leaprate reported that President Nicolas Maduro has placed all “his eggs in one basket” – by using the petro, a state-backed digital coin, to save the Venezuelan economy. Later, he ordered major banks to adopt the petro and even pensioners started receiving their pension in petro.
Now, Maduro has ordered the country’s largest bank to adopt the petro – Banco de Venezuela. The move is a strategic one, as Maduro feels that the oil-backed crypto needs additional adoption in the economy.
As published by Crypto Globe, according to a tweet published by Venezuela’s Finance Ministry, President Maduro has ordered that Bank of Venezuela adopt the petro in all branches for essentially their 10th anniversary of existence.
The petro has not been really successful so far with bolstering the economy and getting traction in Venezuela. Maduro, however, is trying hard. Just last month, the President announced that around $93 million were gifted to the the Digital Bank of Youth and Students in order to open 1 million wallets in petro for Venezuela’s youth population.