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.
Desperate to fix their trade situation, Venezuela might be close to convincing Russia to turn to Petro based trade.
The U.S. Treasury Department has implemented blocks against Evrofinance Mosnarbank after it was allegedly shown to support Venezuela’s Petro cryptocurrency and was the “primary international financial institution willing to finance” the coin.
Although the Petro still has no clear definition, users of the crypto are going to have to dig deeper into their digital wallets, as the country is imposing a significant tax on all transactions.
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.
Venezuela, led by a former bus driver who took over power following the exit of the country’s former dictator, has not done much to show that the man is capable of handling much more than a steering wheel.