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.
Venezuela has announced that it will start accepting Petro cryptocurrency for selling and buying of oil. The trading of crude oil via cryptocurrency will start in March 2019. As a result of the initiative, the government will be able to trade oil in exchange for petros, thereby bypassing US-imposed sanctions.