The Venezuelan president is determined to see Petro used, paying pensioners their Christmas bonuses with the crypto.
The exchange will officially shut down operations on October 29, blaming it on regulatory uncertainty.
President Nicolas Maduro said the state would pay “protectorates and states” the sum of 1 million Petros, twice per month, as a means of encouraging the crypto’s circulation.
Venezuela's central bank is looking into whether or not digital currency could bolster its international reserve figures, which are now approaching the lowest amount seen in 30 years.
Nicolas Maduro has reportedly approved the use of an app for collecting airport taxes which converts funds into BTC through several partners.
Cuba has confirmed it is considering plans that could introduce a national cryptocurrency, in a bid to revive the country’s flagging economy.
Paxful and AirTM both hope to expand their services with the new partnership, increasing access to cryptocurrency in new regions.
Desperate to fix their trade situation, Venezuela might be close to convincing Russia to turn to Petro based trade.
Venezuela is launching a new remittance service for cryptocurrencies, in an effort to save their failing economy.