Venezuela: New Bitcoin Trading Record as Biggest Bank Embraces Petro
Venezuela’s largest bank, Bank of Venezuela (BDV), has added support for the country’s controversial Petro digital currency.
Bank of Venezuela hints at crypto wallet
As cryptocurrency news outlet Decrypt reports on Sept. 13, BDV clients have discovered a new section in their online banking account dedicated to cryptocurrencies.
At present, the publication states, the only crypto wallet only caters to Petro, but as the section appears under development, speculation suggests more tokens may follow.
Petro, launched by the Venezuelan government, is notionally pegged to the country’s oil reserves. The subject of criticism from the outset, Petro subsequently faced international sanctions after suspicions arose the government was using it to evade existing restrictions.
Bitcoin trading hits 120 billion bolivars
As Cointelegrpah reported, Venezuela is becoming increasingly reliant on decentralized cryptocurrencies such as Bitcoin (BTC), as other alternatives prove unreliable.
Huge inflation affecting the national currency, the Sovereign Bolivar (VES), continues to produce trading records on P2P bitcoin exchange Localbitcoins.
For the week ending Sept. 7, the most recent period for which data is available, Venezuelans traded over 120 billion VES for Bitcoin.
LocalBitcoins weekly trading volumes for Sovereign Bolivar (VES). Source: Coin Dance
BDV has yet to issue public comments on its plans, Decrypt adds, which would nonetheless make it the first Venezuelan bank to support cryptocurrency officially.