Venezuela’s Top Crypto Regulator Announces New Improvements To Its Wallet

The top crypto regulator in Venezuela, Sunacrip, has announced a revamp of its wallet (the Petroapp wallet), allowing users to access new features, including the governance token (PTR). Part of the new features are ways users can exchange the PTR for other cryptos, some sets of gift cards, and a variety of payment options. The firm hopes that this move will facilitate the adoption of its wallet and native token within and outside Venezuela.

Increased Use Cases For The Petro App Wallet

An official statement from Sunacrip revealed that revamping the wallet app aims to enhance the use cases for the app’s native token. Commenting on the changes, Sunacrip’s boss, Jose Ramirez, said, “after achieving a balance of conversion rates for our native token (PTR), we have upgraded our wallet app to include new features that will fortify the use cases for our native token.”

Ramirez remarked that users could make their bill payments using the new version of this app. He also said, “users using the services of the top three cable operators can pay for these services within the app, without having to convert their PTR token to other cryptos.

Other Newly Added Features Of The App

The upgrade also allows users to convert their fiat to PTR or any other cryptos, especially LTC and BTC within the app. The reverse is also possible; they can convert their PTR or crypto tokens to fiat within the app. Thus, they can withdraw their fiat into their bank account. The Sunacrip boss further revealed that a payment gateway would soon be included in the app. Users can create invoices for payments within the app for their products or services through this payment gateway. 

Ramirez explained that anyone can now use his mobile device as a point of sale, while the PTR can serve as a payment means. He claimed that this framework had been the long desire of Venezuelan authorities following the launch of the digital asset.

Sunacrip also included a gift card feature in this new upgrade. Based on Ramirez’s explanations, users can purchase gift cards to pay their recurring bills, such as Netflix subscriptions (Netflix is highly popular among Venezuelans). Also, they can use the gift cards to make purchases on digital marketplaces such as amazon, apple store, and google store.

Venezuela’s Petro Cryptocurrency

Earlier in the month, you’d recall that Venezuelan president, Nicolas Maduro, announced an increase in the minimum wage – a wage pegged to its national digital currency, the Petro. Maduro revealed that the government could pay this new minimum wage because it accumulated its tax revenue for many months.

Maduro further disclosed that the government is in talks with the private sector to start paying this new minimum wage. The Petro is Venezuela’s national digital currency, backed by oil assets and issued on the government-owned dash blockchain.

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