Earlier this week, Venezuela’s President Nicolas Maduro has praised the nation’s cryptocurrency Petro (PTR) by urging crypto adoption of national major bank, Banco de Venezuela.

During a 10-year celebration event of the nationalization of the bank, Maduro has given “the express order to open Petro desks in all the branches of the Bank of Venezuela” via a tweet.

Last month, one million Petro wallet accounts have been opened for the young generation of the country. The total fund of 924 million bolivars (over $92.5 million) was allocated to the Digital Bank of Youth and Students.

Talking to the cryptocurrency news outlet CCN, president of the country’s National Cryptocurrency Association José Angel Alvarez has said:

“It is a bold and correct decision to move forward towards a hybrid economy where the fiduciary currency of a country competes face to face with cryptocurrency.”

Recently, the first cryptocurrency ATM was installed in Venezuela by Cryptobuyer, a Bitcoin ATM manufacturer. Back then, only one ATM installation was made in the city of Caracas.

Earlier,  Maduro has reportedly forced its adoption by convincing organizations in Venezuela to use the Petro, and by converting pensioners’ payments to it without their acknowledgment. The Venezuelan leader has claimed 100 million tokens were to be issued and has since made it an official alternate currency in the country.