Venezuelan President Orders Venezuelan Banks to Set Up Virtual Currency Reception

According to an official statement by the Treasury Department, the Venezuelan president ordered all branches of the country's largest bank, "Banco de Venezuela," to set up a window for receiving Venezuela's state-run virtual currency "petro." Expectations for virtual currencies are growing at a time when the economy is unstable.

Petro is a virtual currency issued by the Venezuelan government that supports the value of domestic crude oil. In Venezuela, the president also announced an "Airdrop Venezuela" campaign that promotes the use of Petro to young people in April this year.

Venezuela continued its hyperinflationary economy, but is now on a downward path. However, the economic outlook remains uncertain, and movements to find a stable means of payment appear to be continuing.

The president's order takes into account the current economic situation, and it is expected to continue the attempts to use virtual currency as an escape from the instability of the local currency.

Reporter Jenny Lee (news@dailycoinews.com)의 기사 더 보기

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