The Venezuelan president is determined to see Petro used, paying pensioners their Christmas bonuses with the crypto.
President Nicolas Maduro said the state would pay “protectorates and states” the sum of 1 million Petros, twice per month, as a means of encouraging the crypto’s circulation.
Venezuela's central bank is looking into whether or not digital currency could bolster its international reserve figures, which are now approaching the lowest amount seen in 30 years.
Nicolas Maduro has reportedly approved the use of an app for collecting airport taxes which converts funds into BTC through several partners.
Venezula has revealed new requirements for exchange platforms and miners. Those businesses will now have to register with a superintend body of crypto-related activities, named Sunacrip, and adhere to new regulations.
Venezuelan President Nicolas Maduro's Petro cryptocurrency has no clear value tied to it, and hasn't helped the people of the country in their dire economic situation.
Despite not having a stable economy upon which to build its national cryptocurrency, it is working diligently to have Petro seen as a viable cryptocurrency – although most indications are that it will never truly get off the ground.
The Venezuelan president Nicolas Maduro is planning to introduce a new currency barely two months after his re-election. Maduro’s new currency will have five zeros less than the existing currency.
The government of Venezuela has shut down three cryptocurrency exchanges as part of its “Operation Paper Hands,” while 16 others have been certified to facilitate Petro transactions in the international market.
Russian billionaires reportedly advised Venezuelan President Nicolas Maduro in his efforts to create petro, the first state-backed cryptocurrency in the market.