There is a need for a strategic partnership between authorized exchange houses and banks. The regulatory bodies of the financial sector and the operations with crypto assets revealed some digital tools that will allow acquiring Petros.

The regulatory bodies in Venezuela, the National Supervisory Authority of Crypto Assets and Related Activities (Sunacrip) and the Supervisory Authority of Banking Sector Institutions (Sudeban) are refining the incorporation of operations with the government’s cryptocurrency, the Petro, to the national banking system.

Actually, on Tuesday, July 16th, 2019, they exhibited before the representatives of the Central Bank of Venezuela (BCV), the Ministry of Economy and Finance, and public and private banking institutions, an agenda with the purpose of incorporating operations with cryptocurrencies in the national banking system.

Sunacrip and Sudeban emphasized that there is an urgent need for a “strategic partnership between authorized exchange houses and banking institutions to capture potential customers, as well as defining guidelines for a joint resolution authorizing hybrid points of sale to make payments with cryptocurrencies,” reviewed the Supervisory Authority of Banking Sector Institutions in a press release.

The Petro

It is worth remembering that, in the middle of a critical economic situation, Nicolás Maduro’s Government announced the operation of Petro as a centralized government cryptocurrency, which entered into force on February 20th, 2018.

Mr. Maduro’s administration resorted to this instrument as a financing source because of the decrease in revenues due to the low production and the reduction in the prices of oil, the main source of currency inflows to Venezuela.

To this situation it must be added that some financial sanctions imposed by the United States prevent Venezuela from issuing new debt or refinancing through the institutions of the North American country.

The regulatory bodies of the financial sector and the operations with crypto assets in Venezuela revealed a series of digital tools that will allow acquiring the crypto currency, the Petro, through the national banking.

They indicated that, for this purpose, they have “PetroAhorro” (PetroSaving), a mechanism that will work through the Patria system and will provide users with the support of their income in Petro. Similarly, they noted that PetroPago also created a tool that will allow payments to be made to legal entities.

Besides, they unveiled the PetroApp, “a multi-currency wallet that allows users to reliably perform transactions with cryptocurrencies,” says the press release.

During these days, the technical teams of the national banks, as well as the representatives of Sunacrip and Sudeban are meeting in order to examine the progress of the implementation of that agenda.

It is well known that each Petro has as a reference value the price of a barrel of oil, of which Venezuela is considered the country with the largest proven reserves worldwide.

According to the White Paper, the offer is initially fixed, but it is also said that Petro will be able to be mined if users agree to do it. The document also states that when someone wants to change their Petro, it will be paid at the price of the barrel of oil in bolivars, which is the Venezuelan national currency.

By Willmen Blanco


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