President Maduro Orders The Bank of Venezuela to Accept Petro Crypto

[Vladdirescu87]

Venezuela’s President Nicolas Maduro ordered the country’s leading bank, Banco de Venezuela, to accept the nation’s cryptocurrency, the Petro (PTR) at all of its branches, the country’s Finance Ministry tweeted on July 4.

According to the tweet, Maduro gave “the express order to open Petro desks in all the branches of the Bank of Venezuela.” The announcement apparently came during an event celebrating the tenth anniversary of the nationalization of the bank in question.

On June 19, Maduro announced that 924 million bolivars (over $92.5 million) were allocated to the Digital Bank of Youth and Students to open one million Petro wallet accounts for the country’s youth. José Angel Alvarez, president of the country’s National Cryptocurrency Association, commented to cryptocurrency news outlet CCN:

“It is a bold and correct decision to move forward towards a hybrid economy where the fiduciary currency of a country competes face to face with cryptocurrency.”

https://cointelegraph.com/news/president-maduro-orders-the-bank-of-venezuela-to-accept-petro-crypto

[IvugeoEvolutionCoin]

I thought the PETRO coin has already been forgotten until I saw this post.  I don't really think it will be possible for Venezuela to have Petro at national level, since many powerful nations like USA are against it.  Well, let's see how it goes. If it works out well, then it's a boost for crypto. 

[Artemis3]

Petro only works with an online wallet in a single State operated server. Even Banco de Venezuela would need to connect to this server to manage their wallet. While they promote a smartphone app, all that does is connect to the very same server.

Venezuela has state owned collapsing infrastructure all over the place, especially internet and electricity. Everyday this week my home has lost electricity for about 6 hours during daytime, Internet Adsl has not recovered since two weeks ago and the phone line is dead since Sep. I'm using a cellphone tethered counting every byte and blocking images, because no one knows how much you are supposed to pay or after how much data per month it stops working.

You can imagine the chances of success Petro has, without going deep with the rest of its design flaws, and the fact that its price is pegged by decree arbitrarily, by the same government responsible for the worst hyperinflation in history.

[rodel caling]

I thought the PETRO coin has already been forgotten until I saw this post.  I don't really think it will be possible for Venezuela to have Petro at national level, since many powerful nations like USA are against it.  Well, let's see how it goes. If it works out well, then it's a boost for crypto.  

You had a point for this decision of president maduro, but as crypto currency ethusiasm we need to support that good news and president isn't an ordinary official ordering to the banks of his country to accept crypto currency. So who knows maybe this order of the venezuela president can bring it to other country to adopt crypto and maybe the US can stop proposed about crypto regulation or crypto banning if this become successful.

[makishart]

I thought the PETRO coin has already been forgotten until I saw this post.  I don't really think it will be possible for Venezuela to have Petro at national level, since many powerful nations like USA are against it.  Well, let's see how it goes. If it works out well, then it's a boost for crypto. 

We remember about how is controlling the national bank of venezuela and we know that centra world bank is controlling it and i thought that will be a worthless idea consider about the natinal bank still under the control of party which against petro crypto.

[Tylev]

I thought the PETRO coin has already been forgotten until I saw this post.  I don't really think it will be possible for Venezuela to have Petro at national level, since many powerful nations like USA are against it.  Well, let's see how it goes. If it works out well, then it's a boost for crypto. 

We remember about how is controlling the national bank of venezuela and we know that centra world bank is controlling it and i thought that will be a worthless idea consider about the natinal bank still under the control of party which against petro crypto.

Until the restoration of the real economy begins in Venezuela, all these administrative attempts by President Maduro to reanimate it with the help of El-Petro will lead nowhere.
The country is still on the verge of civil war. The country has been a global crisis and superinflation for a long time. First of all, it is necessary for the authorities of this country to start working in one direction, and not harm each other.

[guoyu78]

Venezuela’s President Nicolas Maduro ordered the country’s leading bank, Banco de Venezuela, to accept the nation’s cryptocurrency, the Petro (PTR) at all of its branches, the country’s Finance Ministry tweeted on July 4.

According to the tweet, Maduro gave “the express order to open Petro desks in all the branches of the Bank of Venezuela.” The announcement apparently came during an event celebrating the tenth anniversary of the nationalization of the bank in question.

On June 19, Maduro announced that 924 million bolivars (over $92.5 million) were allocated to the Digital Bank of Youth and Students to open one million Petro wallet accounts for the country’s youth. José Angel Alvarez, president of the country’s National Cryptocurrency Association, commented to cryptocurrency news outlet CCN:

“It is a bold and correct decision to move forward towards a hybrid economy where the fiduciary currency of a country competes face to face with cryptocurrency.”

https://cointelegraph.com/news/president-maduro-orders-the-bank-of-venezuela-to-accept-petro-crypto

These are steps that they ought to have initially taken the very first time they started having problem with their economy, I hope the damage done to the economy has not gone too deep for cryptocurrency to resolve it, and I am wondering why they are even making a wrong choice if cryptocurrency when we have other better cryptocurrency they would have supported and implemented like bitcoin.

This petro crypto, I am having this belief that it was personally developed for them, but before I conclude, I think I need to make research on their background, and also heck how long they have been existing, if it is a newly established coin, then it will be more of centralized coin, which I would not be sure can still salvaged their situation. I think the best crypto to use in this time should be bitcoin.