The President of Venezuela, Nicolas Maduro commands the leading bank Banco de Venezuela to accept the Petro crypto. He wants the bank to issue this national cryptocurrency in all of its branches.
Maduro gave these orders to open desks for the Petro crypto in the branches of the Bank of Venezuela. Earlier in June, President Maduro allocated 924 million bolivars (over $92.5 million) to the Digital Bank of Youth and Student. This allocation was to open a million of Petro wallet accounts for the youth.
Accepting a hybrid economy in the financial picture of the country is a courageous attempt. The fiat currency and the cryptocurrency of the country will have a face to face competition.