President Maduro Urged Bank of Venezuela to Trade Petro Crypto Nationwide
Venezuela’s President Nicolas Maduro ordered the leading bank in Venezuela, Banco de Venezuela to open up the transaction desks for Petro nationwide, as revealed by the Finance Ministry of Venezuela’s tweet on 4 July.
Banco de Venezuela has nearly 790 agencies in Venezuela. The bank was a division of Spanish bank Grupo Santander, and it was nationalized when Chavez acquired the bank at $1 billion in 2009. At the 10th anniversary of the bank’s nationalization, Maduro said, “I am giving the explicit order to open Petro transaction desks at all Banco de Venezuela agencies.”
It is believed that the aggressive promotion of Petros in Venezuela is in response to economic sanctions imposed by the United States. UN human rights expert, Idriss Jazairy was concerned with the impact of economic sanctions in Venezuela. He said, “Economic sanctions are effectively compounding the grave crisis affecting the Venezuelan economy, adding to the damage caused by hyperinflation and the fall in oil prices.”
Donald Trump issued an order banning U.S. citizens from buying, trading or dealing in Petros in 2018.
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