President of Venezuela Directs Banks to Embrace Petro in a Bid to Struggle Recession

Tue, 08/28/2018 - 14:06

From now banks have to report all financial data in Petro - this is the demand of the country’s regulator. This seems to be the result of the 5-year recession

President of Venezuela Directs Banks to Embrace Petro in a Bid to Struggle Recession

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From now on banks, public or private, have to report all financial data in Petro– this is the demand of the country’s regulator.

This seems to be the result of the five-year recession and high inflation, and now the local authorities are doing its best to emerge from those. For this purpose, the local fiat coin, Bolivar, is being replaced with new “Sovereign Bolivars,” Petro-backed.

Maduro also, reportedly, intends to raise the minimum salary and petrol taxes.

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Yuri Molchan

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets.

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