On September 12, 2019, the Bank of Venezuela said that they would open up <a href="https://twitter.com/MinEcoFinanzas/status/1146566606711074817">registrations for Petro crypto wallets</a> that will allow the nationalists to trade both with traditional and digital currencies. 
This initiative is reported to be a direct order from the Venezuelan’s President Nicolas Maduro. It will make the state-owned financial institution the first in the country to create a <a href="https://www.cryptoknowmics.com/crypto/sats-mobile-bitcoin-wallets-new-update-cryptocurrency-app-supports-ios-android/">digital wallet </a>for its State-backed Petro Cryptocurrency.

Bank of Venezuela’s customers discovered a change on their accounts’ management interface that now features a new module to register crypto wallets.  
<h2>President Maduro’s Plan to Promote Petro Crypto Wallet </h2>
In July 2019, President Maduro promised that the youth in Venezuela would receive Petro airdrops into their crypto wallets. It is reported that the main objective is to promote the countrywide adoption of Petro and encourage the youth to trade with Petro.

The President <a href="https://twitter.com/NicolasMaduro/status/1141524641980256256">allocated</a> a budget of $150,000 million to initiate distribution of one million crypto wallets, each with preloaded Petro tokens. Members of the Chamba Juvenil Program for students and young people will receive the preloaded wallets.

President Maduro also said that <a href="https://www.telesurenglish.net/news/Venezuela-to-Create-Digital-Cryptocurrency-Bank-for-Youth-20180503-0026.html">Digital Bank for Students and Youth</a> would be in charge of accepting Petros from wallets with airdrops. The bank will also exchange the digital coins to their equivalent fiat because Petros is yet to be accepted by businesses or by government services.

Customers are able to register the crypto wallet, transfer Petros through the official web wallet, and trade tokens on registered exchanges. One Petro currently goes for$60 per token. Crypto exchanges that are supporting Petro Wallet are Amberes, Criptolago, and Bancar.

The Bank of Venezuela opened Petro desks across all its branches. The move is also seen as another measure to enable Venezuela to prevent <a href="https://www.cryptoknowmics.com/crypto/bitcoin-price-trending-higher-as-worlds-economic-order-derails/">economic inflations </a>and evade the notoriously rigid US trade sanctions.
<h2>Petro’s Chances for National Success</h2>
State-owned <a href="https://www.petro.gob.ve/index_eng.html">Petro</a> Cryptocurrency was unveiled in 2018 as a new method for international financing, saving, and trading in a safe way. The country’s natural resources reserve back Petro.

The country seems focused on ensuring that Petro becomes a success. Despite scepticism, Venezuela is the first South American country to own a <a href="https://www.cryptoknowmics.com/crypto/how-chinas-launch-of-state-owned-cryptocurrency-changes-governance-and-bitcoin-btc-interaction/">state-owned Cryptocurrency</a>.

The move by Bank of Venezuela appears to be a committed state-plan to encourage people to embrace Cryptocurrency. The registration portal drop-down menu for suggests that Bank of Venezuela could be able to support more cryptocurrencies in the future.

Another strength that works in Petros favour is Venezuela’s existing <a href="https://www.cryptoknowmics.com/crypto/crypto-adoption-remains-strong-in-venezuela-amid-political-chaos/">remittance service</a>. It allows people to deposit national currency in a fiat bank and receive the equivalent amount in Bitcoin.

Petro has been gimmicked in the past as a dead project. Nonetheless, the government seems to be pushing forward and is hoping for its success.

 State-owned Bank of Venezuela Opens up Registrations for Petro Crypto Wallets

Am Wayne, a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

State-owned Bank of Venezuela Opens up Registrations for Petro Crypto Wallets

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