State-owned Bank of Venezuela, the country’s largest financial institution, has launched the registration process for the wallet that will allow citizens to deposit and spend the state-backed petro cryptocurrency.

The launch process for the petro wallet comes in response to an order by President Nicolas Maduro in early July for the bank to establish a trading desk to cater specifically for petro transactions.

Registration Process

Although the Bank of Venezuela has not published an official statement, reported that customers spotted a new module in the management interface on their online accounts to register for the wallet. 

The registration menu reportedly allows customers to “choose the type of crypto” they want to register, suggesting the bank will also support other cryptoassets such as bitcoin and ether.

Until the bank launches a secure wallet system, the only available transfer and storage system for the petro is currently through authorized crypto exchanges.