Venezuela has released a debit card and point-of-sale system that will accept the petro in card transactions. Petro is Venezuela’s oil-backed cryptocurrency which is aimed to fight the hyperinflation in the country.
Crypto exchange CriptoLAGO in partnership with investment cryptobank Glufco said on Instagram that the system would provide support not only for the petro cryptocurrency, but also for bitcoin, ether and dash.
According to the social media post, Glufco is to provide the point-of-sale technology, which it calls a “cryptocurrency transfer device”, while CriptoLAGO is to issue the encrypted cards.
Venezuela developed the petro cryptocurrency which is backed by the country’s mineral and petroleum resources to help the country tackle the economic effects of sanctions imposed by the US, EU and other countries.
President Nicolas Maduro announced the petro’s launch in December 2017. Reports of the Petro failing again has surfaced saying that citizens turn to either the dollar or more liquid cryptocurrencies such as bitcoin.