in El Petro
Some banks suffering from a severe economic crisis Venezuela began to display the balances on users' accounts in the national cryptocurrency El Petro, Bitcoin.com reports.
Thus, despite the fact that the majority of residents are not particularly interested in using cryptocurrency “oil-secured”, financial institutions of the country carry out the orders of the authorities, actively integrating new means of payment into online banking. It is, in particular, the Venezuelan banks Banesco and Mercantil. The source also reports that BBVA Provincial and BFC will soon follow the example of these banks.
In August, the authorities of Venezuela, in the framework of the monetary reform, denominated the local currency, which was devalued due to hyperinflation. Five zeros were removed from the nominal value of the old monetary unit. The authorities also promised to link a new monetary unit, bolívar soberano (“sovereign bolivar”), to the digital currency of El Petro. In addition, the head of state Nicolas Maduro announced the binding of the system of prices and wages.
After some time, Reuters conducted a journalistic investigation, during which it became clear that El Petro was not provided with anything .
Meanwhile, the volume of BTC purchases through LocalBitcoins in Venezuela reached a historic high.
Data: CoinDance
This suggests that many residents of the country are still seeking salvation from hyperinflation and socialist experiments in the good old Bitcoin.
Recall that last month the government of Venezuela called the American sanctions against El Petro "free advertising" cryptocurrency .
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