Maduro doubles down on Petro (again)

Venezuelan President Nicolas Maduro has once again vowed to make a success of the controversial Petro national cryptocurrency

Venezuelan President Nicolas Maduro has once again vowed to make a success of the controversial Petro national cryptocurrency.

The leader announced it will be used for passport fees, taxes, utility bills, and more in his state of the union address on Tuesday.

Maduro also announced that all fuel sold for international plane travel must be paid in cryptocurrency.

“We’re opening a path to a new economy, to break old protocols and bureaucracies,” Maduro said.

“The crisis forced us to strengthen our creative capacity, to find answers where we didn’t have them, to seek innovative strategies to overcome difficulties and adversities.”

Maduro announced the launch of the national Petro cryptocurrency in October 2017. It was introduced to sidestep US sanctions and sales began in February 2018.

Millions of Venezuelans have left their country since 2013 following the decline of its economy, with schools and hospitals unable to provide basic services.

According to Maduro, the government is successfully introducing its cryptocurrency into Venezuelans’ daily lives – although many experts claim otherwise.

Earlier this month, he announced Venezuela will sell oil and some of the gold it produces for Petros.

Maduro told local newspaper El Nacional: “We will sell Venezuelan oil in exchange for Petros. We already sell Venezuela’s iron ore and steel for Petros.

“We have already signed contracts for the sale of oil, steel, iron, and aluminum, and we will sell part of the gold for Petros.”

In December, the country’s authorities transferred benefits in Petros timed to the New Year holidays to pensioners and public sector employees.

Burger King in Venezuela is also allowing hungry customers to pay in Petros as part of a pilot scheme launched at a few select stores.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.


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