Venezuela orders banks to adopt cryptocurrency

Venezuelan President Nicolas Maduro ordered banks to adopt the petro cryptocurrency as a unit of account Monday (Aug 27), as the country struggles to emerge from a severe political and economic crisis. Public and private banks must now reflect all financial information in bolivars and petros, according to a resolution of the Sudeban banking regulator. The move is part of Maduro's desperate attempts to steer out of five years of recession and inflation the International Monetary Fund predicts will reach one million per cent this year. More…