KB Topic Balances

Venezuelan Banks Start Using the Petro to Denominate Customer Balances
Venezuelas controversial national cryptocurrency, the petro, is slowly permeating the everyday lives of its citizens. The currency, each unit of which is supposedly backed by a barrel of oil, has begun appearing on screens when Venezuelan customers log in to their bank accounts. The move marks the latest attempt by President Nicolás Maduros government to force adoption of the petro. Also read: Venezuela's Supreme Court Orders Payment in National Cryptocurrency In the last few days, a number of  Venezuelan residents have reported seeing the petro appear as a unit of account when performing their online banking. Despite customers having expressed no interest in using the cryptocurrency, national banks have begun to introduce it at the government's behest, in a bid to normalize the petro and ultimately secure adoption. News.Bitcoin.com has received reports of Banesco and Mercantil, two of Venezuela's largest banks, introducing the measure.

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