Venezuela: New Bitcoin Trading Record as Biggest Bank Embraces Petro
The Bank of Venezuela has reportedly added a prototype wallet to customers’ online banking accounts.
Bank of Venezuela hints at crypto wallet
At present, the crypto wallet only caters to Petro, but as the section appears to be still under development, speculation suggests more tokens may follow.
Petro, launched by the Venezuelan government, is notionally pegged to the country’s oil reserves. The United States Treasury Department believes President Nicolas Maduro wants the digital currency to help Venezuela evade international sanctions.
Bitcoin trading hits 120 billion bolivars
For the week ending Sept. 7, the most recent period for which data is available, Venezuelans traded more than 120 billion bolivars for Bitcoin.
LocalBitcoins weekly trading volumes for Sovereign Bolivar (VES). Source: Coin Dance
BDV has yet to publicly comment on its plans, which would make it the first Venezuelan bank to offically support cryptocurrency.