Venezuelan citizens are reportedly not too happy with the government’s decision to convert their monthly pensions into Petro.
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 Petro has officially launched this week, after being made available for fiat and crypto purchases for the first time.
Six cryptocurrency exchanges have been approved by the government of Venezuela to start selling the national cryptocurrency, Petro, ahead of its official launch on November 5, according to local media.
Starting this week, residents in Venezuela can only use Petro—the state-backed cryptocurrency—to pay for their passport fees.
President Nicolas Maduro announced that Venezuela will officially launch the state-backed Petro in November, after the Parliament passed a decree on the nation’s official oil-backed crypto coin.
Although Venezuelan President Nicolas Maduro has demanded for the national Petro cryptocurrency to be accepted by the country’s banks, no one seems to know where or how they can get ahold of it.
Venezuelan President Nicolas Maduro has reportedly ordered the country’s banks to accept the state-backed Petro cryptocurrency as a unit of account.
Effective on August 20, Venezuela will have two official units of account: the state-backed Petro token and the new Petro-pegged sovereign bolivar, President Nicolas Maduro announced during a televised address.
Not content with just developing its own cryptocurrency, Venezuela is now taking it a notch higher with a proposal to create a central bank for cryptocurrency as part of its efforts to link the Petro token to its new bolivar currency, according to a Reuters report.
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.