Because it may: the President of Venezuela has obliged the banks to accept the cryptocurrency El Petro

Venezuelan President Nicolas Maduro has ordered all private and state-owned banks in the country to adopt a national cryptocurrency El Petro along with Bolivar. This writes the News of the PTS.

The decision of the Central Bank of Venezuela says that accepting Petro will mitigate the economic crisis in the country. The new rules entered into force on 29 August.

As Venezuela uses cryptocurrency

According to the International monetary Fund (IMF), inflation in the country over the past year have reached record values at the level of one million percent. This situation has caused the flight of citizens to neighboring countries. And those who remained, prefer to keep their money in bitcoins and other digital currencies. Popular Dash, who recently jumped to 20 percent.

Maduro also ordered to raise the minimum wage in the country at 3.4 thousand per cent, and VAT on food and gasoline by 12 percent and 16 percent respectively.

Earlier, one of the world’s largest cryptocurrency exchanges Bitfinex refused to accept the listing of El Petro. Representatives of the trading platforms explained that the decision is due to the US sanctions imposed on Venezuela. While us regulators may interpret trade in national coin on the exchange as an attempt to circumvent the established limitations.

Do you believe in the idea of a national cryptocurrency? Comments in the chat hontarov.

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