Venezuela picked up pace in the crypto race when the State Bank of Venezuela showed support for the state-backed petro. As per the report, the Bank of Venezuela, without any official notice, rolled out a new wallet registration module for the customers. This will offer the clients an alternative between crypto and fiat.

The report also states that the wallet only harbors petro for now. Nonetheless, the segment is still under development and the “choose the type of crypto” option hints at future additions to the list.

The State Bank’s undertaking falls under the state’s extensive plan to realize the dream of a crypto nation. In fact, back in July, President Nicolas Maduro issued an express order for the Bank of Venezuela to open petro desks at all the branches in the country. Additionally, in an attempt to popularize the idea, the President funded a massive petro giveaway of nine hundred and twenty-five million Bolivars (approximately USD 150,000 ) to the youth of the country.

Although petro has still not garnered enough attention, the Venezuelan government has firmly set its eyes upon crypto as the economic and political conditions spiral out of control. As reported earlier, the Venezuelan economy has plummeted by half in the past five years, instigating a serious humanitarian crisis in the country. In such a situation, cryptocurrencies, if used in an innovative way, can help address Venezuela’s current decimated economy and can, in fact, change lives for the better.

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