President of Venezuela Orders Banks to Adopt National Cryptocurrency

August 29, 2018

The president of Venezuela has ordered all the country's banks to start using the national digital currency called Petro. This case is another attempt to fortify the cryptocurrency within the state.

As the government has reported, from that moment on all banks within the country limits must use Petro as accounting unit and denominate all financial operations in both fiat and digital currency.

Since the official launch of the national cryptocurrency the authorities have held numerous events to stimulate adoption and recognition of the Petro by the Venezuelans. Maduro hopes that the digital currency will help the country in skirting sanctions imposed by the US and stop the recession.

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