Crypto Could Save Venezuela Theory – Major Share of Doubters

Maheen Hernandez By Maheen Hernandez September 12, 2019 0
crypto venezuela

Bank of Venezuela will be the most significant state-owned bank to become the first financial institution in the country to provide their clients with the option of conducting operations in fiat and cryptocurrencies.

Nicolas Maduro, the President, issued an order for the Bank of Venezuela to start with a cryptocurrency desk, particularly for a state-backed petro.  And, the country’s biggest bank appears to be doing it.

Bank of Venezuela customers is spotting a new module to help them manage their account interface to register their crypto wallets.  This seems to be in the early stages.

The option is currently live on the investor accounts, and there are no official announcements in this regard so far.  Users will now be able to transfer petro using the official web wallet, and they will be able to trade those tokens on authorized cryptocurrency exchanges. Petro is currently hovering in the ranges of $60 per token.

Bank of Venezuela customers is now able to see the option of registering a petro wallet account which has a drop-down menu that invites users to “choose the type of crypto” which they want to register, which indicates that the bank might support cryptocurrencies in the future.

The current move by the Bank of Venezuela appears to be a state-led plan, which focuses on the use of cryptocurrencies in the country.  The “express order” from the president was preceded by approval of $924 million bolivars, nearly $150,000 to distribute 1 million Petro to young Venezuelans.

People who have a clear understanding of Venezuelan politics tend to believe that just because Maduro “orders” something it need not be so.

The current move is considered to be a significant one, and it is expected that Venezuelans will be able to exchange crypto for fiat in this bank very soon.  With the Venezuelan government having their remittance service in place, users will be able to receive Bitcoin and deposit their equivalents in fiat into a bank account.

The Maduro government is promoting the idea of “crypto could save Venezuela” despite the shortage of doubters. When it is about matters related to money, governments know to what extent they need to exploit the stuff and how they need to be dealing with regulatory portions.  Ultimately the government is superior, and they will do what it takes to make it work. Very soon, the crypto might replace traditional payment processing.