Maduro Orders Banks to Adopt Petro Cryptocurrency as Venezuela’s Currency Crisis Continues

Maduro Orders Banks To Adopt Petro Cryptocurrency

Venezuela’s president Maduro ordered banks to use the petro, which is the country’s launched cryptocurrency. AFP Wire Services reported that “all financial information”must be denominated in both the boliviar, the country’s official currency, and the Petro, which was unveiled in December.

The government also claimed that it raised billions of dollars during a presale earlier this year, but it has yet to show evidence to support its claims. The government has also received pushback from opposition leaders and international critics – including the U.S. government. A few months ago, President Donald Trump issued new sanctions against Venezuela that target the Petro.

Interestingly enough, Maduro’s order comes in light of a recent announcement that the state’s oil and gas company, Petroleos de Venezuela (PDVSA) will being using the petro as a unit of account. Further, government officials’ salaries will be anchored in the cryptocurrencies as well.

This news comes at a time when the United Nations reported that since 2014, 2.3 million people have left Venezuela due to the economic crisis.

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