Bank of Venezuela is now seeking to launch its own digital currency(Petro) – an effort that could significantly bolster the country's financial credibility as a virtual economy as well as its position as one of the few in the world working alongside bitcoin and the decentralized cryptocurrency model in the fight against inflation.
Bank of New York: Venezuela's Central Bank has a new move it hopes will stop the illegal flow of digital money into the country. The central bank recently started an effort to make its bitcoin trading platform more "legitimate" by offering a virtual bank account.The move comes after the government of President Nicolás Maduro made it legal for anyone to sell crptocurrency in Venezuela. But only people who hold an account will be able to use it.
And while, at the moment, Bank of Venezuela customers appear to only have the option to register a petro wallet, accounts now have a drop-down menu inviting users to “choose the type of crypto" they want to register, suggesting the bank may support other cryptocurrencies in the future.
The fact that Bank of Venezuela is now moving forward with Maduro's plan on crypto for international banks and is making it clear they are very supportive of cryptocurrency is also significant because people expect such actions.Last month, Venezuelan president Nicolas Maduro announced that Bank of Venezuela would start supporting a wide range of cryptocurrencies, including Bitcoin.
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