VENEZUELA

The National Superintendence of Cryptoactives and Related Activities (Sunacrip) and the Superintendence of Banking Sector Institutions (Sudeban) met on July 17 with representatives from the Central Bank of Venezuela (BCV), the Ministry of Economy and Finance, and representatives from the public and private banking sector. The meeting was held to analyze the functioning of the Petro cryptocurrency and potential improvements to this technology. Sunacrip also presented three new platforms related to this digital currency: PetroApp, PetroPago and PetroAhorro. Another meeting will be scheduled again in the coming weeks to continue discussing options for the cryptocurrency. 

At the meeting, the head of the Sunacrip Joselit Ramirez voiced the proposal to incorporate POS devices in stores accepting payments in cryptocurrencies across the country. He also suggested exchange houses and banking institutions partnering to allow financial operations in Petro. In this way, “we will encourage the use of Petro as an alternative means of payment, without rivaling existing mechanisms,” said Ramírez.

Three new platforms were presented to complement the new Venezuelan cryptocurrency:  

• PetroApp: an application that works like an e-wallet, where the user can self-manage their Petros, exchange them for other cryptocurrencies, and transfer them to other wallets. Click here to access the app.
• PetroPago: a payment platform for legal entities. Not yet available.
• PetroAhorro: a mechanism that allows users to save in Petros. Not yet available.

Efforts to strengthen the Petro cryptocurrency are taking place within the framework of the Executive’s drive to create an alternative payment system to those currently offered by Visa, Mastercard and Maestro. The objective of the Maduro administration is to guarantee the functionality of the Venezuelan financial system in the event of U.S. sanctions.