Some Venezuelan banks began to display the balances on users' accounts in the national cryptocurrency El Petro, Bitcoin.com reports.
User's balance in El Petro
Thus, despite the fact that the majority of residents are not particularly interested in using “oil-secured” cryptocurrency, financial institutions of the country carry out the orders of the authorities, actively integrating the new means of payment into online banking. This includes, 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, within the framework of the monetary reform, denominated the local currency, depreciated 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 isn't backed by anything.