Venezuelan Banks Start Using the Petro to Denominate Customer Balances

Venezuela’s controversial national cryptocurrency, the petro, is slowly permeating the everyday lives of its citizens. The currency, each unit of which is supposedly backed by a barrel of oil, has begun appearing on screens when Venezuelan customers log in to their bank accounts. The move marks the latest attempt by President Nicolás Maduro’s government to force adoption of the petro.

En los últimos días, varios residentes venezolanos informaron que el petro aparece como una unidad de cuenta al realizar sus operaciones bancarias en línea. A pesar de que los clientes no han expresado interés en utilizar la criptomoneda, los bancos nacionales han comenzado a introducirla a instancias del gobierno, en un intento por normalizar el petro y finalmente asegurar la adopción. Se han recibido informes de Banesco y Mercantil, dos de los bancos más grandes de Venezuela, que presentan la medida.

When the clients of these banks start a session now, they are also available in two currencies: the bolívar and the petro. Although the latter is supposedly related to a barrel of oil, there has been little evidence to demonstrate this and little public appetite to adopt the cryptocurrency, despite the devaluation of the bolivar. The bolívar fuerte officially replaced the bulletin on August 20 of this year at a rate of 1 to 100,000 nicknames, in an attempt to contain the tide of hyperinflation. According to our source, Venezuela has reported that two of the country’s most important countries, BBVA Provincial and BFC, have yet to emulate Banesco and Mercantil when denominating balances using petro.

Concerted efforts by the government to ensure adoption of the petro have included the Supreme Court ordering a compensation payment to be made using the cryptocurrency. Evidence suggests there is little desire among ordinary members of the public, however, to use the petro, which is essentially a clone of dash. Instead, data shows that Venezuelans are turning to decentralized cryptocurrencies such as bitcoin core. Localbitcoins trade volumes for BTC have reached record highs in recent weeks, with over 1,000 BTC a week being traded on the P2P marketplace in October.


Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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