Venezuela’s Petro cryptocurrency will be walking into the market soon. The state-owned banks in Venezuela will be running on Petro, Venezuela’s cryptocurrency for which the wallet registrations have begun. These banks will facilitate both fiat and cryptocurrency owners.
Venezuela’s Petro cryptocurrency wasn’t seen as a possibility and probably a joke to be laughed at, but the country has been committed to working its way into the crypto community using a coin native to its land.
While the president of Venezuela, Nicholas Maduro ordered that the registrations for the Petro cryptocurrency be initiated in July, the bank’s online interface has yet to show a portal that helps with the registration process.
Regarding progress, in the tangible world, Nicholas Maduro’s orders also instructed the building of a separate section that would be used for the sole purpose of dealing with cryptocurrency.
Venezuela’s Petro cryptocurrency was scoffed at
The Petro trades at sixty ($60) dollars at the time of writing at crypto exchanges like Amberes and Bancar. It also doesn’t have much support on the different crypto wallets available in the market; in fact, the cryptocurrency’s official wallet is the only one supporting this coin due to its infancy.
As to what would be the process for registration and how will the Petro be traded, such announcements are yet to be made by the state-owned bank’s official websites.
The wallet for Petro might currently support Petro only, but the future holds more non-tangible tokens because the drop-down menu on the website prompts the user to select the type of cryptocurrency that they would want to trade in when the registration tab is clicked.
Desperate times, desperate measures
The outside world thinks of Petro as nothing more than a gag; however, president Nicholas Maduro was serious when he said that he wanted his country to be in the crypto race.
The cryptocurrency was running into the ground when in July the president allocated a nine hundred and twenty-five million Bolivars ($925M) fund to the cause.
He wanted to create awareness among the Venezuelan’s about how much this means to the country. Given the circumstance with the country’s hyperinflating fiat, this certainly seems like a way out for Venezuela.