President Maduro Promotes Use of Petro for Accounting
8 noviembre 2019

Venezuelan President Nicolás Maduro made a series of announcements this week to encourage the use of the national crypto currency known as the Petro. The main issue is that public and private companies, and ordinary people will have to keep double accounting records, both in Sovereign Bolivars and in Petros. Although the president did not specify the entry into force of the initiative, this is expected to happen in the next few days.

Maduro stated that the Petro “is going to become a legal accounting register to give real value to goods in Venezuela”. In the same vein, all invoices issued must be expressed in Petro if the payment was made with crypto currency. In addition, he assured that a “crypto card” will be created, which can be obtained through the PetroApp application. Those interested can apply for a physical or digital card, and can pick it up at the nearest branch of the Banco de Venezuela (BDV).

Maduro also inaugurated the country’s first Petro box office, located at the headquarters of Banco de Venezuela. In the coming weeks, 22 more lockers will be installed nationwide. Finally, 200 sales points were delivered to various commercial premises to encourage payment in Petros. “We all have to be part of the digital economy,” said the Venezuelan president.