President Maduro Forces Venezuelan Banks to Accept Dubious Petro Cryptocurrency

For many in the digital currency community, the idea of a state-backed cryptocurrency would be anathema to the ideals of digital tokens. Most cryptocurrencies are designed to be decentralized and autonomous; big players like bitcoin and ethereum were designed at least in part as alternatives to central bank currencies. This is not the case, however, for the petro, the oil-backed, state-sponsored digital token of Venezuela. Since announcing the launch of the petro in the period of time over the last two years in which the cryptocurrency space has grown by leaps and bounds, the broader digital currency world has been unsure of how exactly to address this new entrant. Now, the Venezuelan president, Nicolas Maduro, has reportedly ordered banks in Venezuela to adopt the petro, according to CCN.

Sudeban Resolution Mandates Petro Usage

Sudeban, Venezuela’s banking sector regulator, passed a resolution stipulating that financial institutions in the troubled South American country…