Venezuela is trying to revive its digital currency again Venezuelan President Nicolas Maduro has issued a decree that airlines flying from Caracas, the country's capital, have to pay for fuel via the country's coded currency, the so-called Petro, which he orders to use widely in the cash-strapped South American country.
The Venezuelan president is making efforts to revive this cryptocurrency, using his annual address to the ruling constituent assembly to try to revive the controversial Petro coin that the United States has banned and described by some risk rating agencies as a fraud.
The socialist leader said: I decided to sell all the fuel sold by PDVSA to airlines that operate international airlines with Petro currency from now on, and Maduro also decreed the mandatory use of Petro coin to pay for the costs of state documentation services, including passports, taxes and services.
Venezuela announced this coin backed by Venezuela’s massive oil reserves in October 2017, and began sales in February 2018, as a way to circumvent widespread US sanctions and overcome chronic lack of liquidity.
The Venezuelan president wants this virtual currency to become the payment method that Venezuelans use widely, but most people have no idea how to use it, and risk rating sites like icoindex.com describe this currency as a scam.
Although Petro coin failed to gain investor confidence, other cryptocurrencies proved to be very popular in Venezuela as a refuge against hyperinflation, and last December Maduro agreed to rewards public sector employees through the Petro coin, however, it soon took place Switch Petro to Bolivar.
The government last week prevented the exchange of oil and gold against the Bolivar, and the Venezuelan president signed a decree to sell 4.5 million barrels of oil from the approved reserve of 30 million barrels held by PDVSA in Petro.
It is noteworthy that Maduro did not specify whether the procedures for payment of fuel that were entered at Caracas Airport related to Venezuelan companies alone or if they included international transport companies.
The Venezuelan president is making efforts to revive this cryptocurrency, using his annual address to the ruling constituent assembly to try to revive the controversial Petro coin that the United States has banned and described by some risk rating agencies as a fraud.
The socialist leader said: I decided to sell all the fuel sold by PDVSA to airlines that operate international airlines with Petro currency from now on, and Maduro also decreed the mandatory use of Petro coin to pay for the costs of state documentation services, including passports, taxes and services.
Venezuela announced this coin backed by Venezuela’s massive oil reserves in October 2017, and began sales in February 2018, as a way to circumvent widespread US sanctions and overcome chronic lack of liquidity.
The Venezuelan president wants this virtual currency to become the payment method that Venezuelans use widely, but most people have no idea how to use it, and risk rating sites like icoindex.com describe this currency as a scam.
Although Petro coin failed to gain investor confidence, other cryptocurrencies proved to be very popular in Venezuela as a refuge against hyperinflation, and last December Maduro agreed to rewards public sector employees through the Petro coin, however, it soon took place Switch Petro to Bolivar.
The government last week prevented the exchange of oil and gold against the Bolivar, and the Venezuelan president signed a decree to sell 4.5 million barrels of oil from the approved reserve of 30 million barrels held by PDVSA in Petro.
It is noteworthy that Maduro did not specify whether the procedures for payment of fuel that were entered at Caracas Airport related to Venezuelan companies alone or if they included international transport companies.
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