Home News Venezuelan banks have begun displaying their clients’ balances in Petro cryptocurrency

Venezuelan banks have begun displaying their clients’ balances in Petro cryptocurrency

Venezuelan banks have begun displaying their clients’ account balances in both “sovereign bolivars” and Petro cryptocurrency. This move comes just a week after the national cryptocurrency was made available in the market.

The last few days saw Venezuelan residents reporting that they now see their current bank account balances displayed in both fiat “sovereign bolivars” and petros.

The said measure has been already introduced by at least two major Venezuelan banks, namely, Banesco and Mercantil. Such double balance denomination pops up upon logging in to online bank accounts.

This move may be regarded as an attempt to popularize the use of the allegedly oil-backed cryptocurrency among Venezuelans.

Petro has entered the market on October 29. However, the buyers have been receiving certificates of possession instead of the cryptocurrency proper so far.

Back in August, the country’s authorities carried out one of the most radical currency devaluations in history. The bolivar was stripped of 96% of its value, and the new “sovereign” bolivar is now tied to the national oil-backed Petro cryptocurrency. As for Petro itself, it was recognized as a “sovereign cryptoasset backed and issued by the Venezuelan state”. The issuance of coins is carried out by the country’s national bank. Petro coins are supposed to correlate in price with Venezuelan oil basket price, which is about $60 per barrel.