Some banks suffering from the acute economic crisis in Venezuela began to display the balances of users in the national cryptocurrency El Petro.
Thus, despite the fact that the majority of residents are not particularly interested in using the cryptocurrency, financial institutions of the country carry out the orders of the authorities, actively integrating the new ways of payment into online banking. This includes, in particular, the Venezuelan banks Banesco and Mercantil. Soon BBVA Provincial and BFC will follow the example of these banks.
In August, the authorities of Venezuela, in the framework of the monetary reform, denominated the local currency, which had devalued 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, to the digital currency El Petro.
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