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Bank Of Venezuela To Conduct Operations Both In Fiat and Crypto

Bank of Venezuela is way close to become the first financial institution to conduct operations in both fiat and cryptocurrencies. There is no any such official announcement from the bank, but the option is available on customer accounts. This option does not yet offer significant functionality. 

As of now, the users can only transfer petros through their official web wallet. They can also trade these tokens on authorised exchanges like Amberes, Bancar, and Criptolago. On these platforms, the petro currency hovers around $60 per token. At present, the users only have a drop-down menu. Using this menu, the users can easily choose the crypto type they wish to register. Hence, it depicts that the bank can support other cryptocurrencies in the near future. 

Given a priority to Maduro’s “express order” to open petro desks in all branches of the Bank of Venezuela across the nation, the president approved a budget of $924 million bolivars. This distributes 1 million petro wallets to the youth of Venezuela.

Along with this idea of the Bank of Venezuela to support other cryptocurrencies, Maduro’s government will also allow its users to receive Bitcoin and deposit the equivalent fiat into the bank account.

What do you think about this step by the Bank of Venezuela? Share your thoughts on our Twitter and Facebook pages. 

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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