Unfortunately, not all foreign states are using cryptocurrencies for reputable purposes.
Merchants in Venezuela are refusing to accept payments in Petro crypto, claiming that exchanging the Petros for bolivars is difficult and leads to huge losses.
Venezuelans are desperate to rid of the Petro crypto recently airdropped to them by the gov’t and are now selling it on P2P marketplaces for half the price.
President Maduro has ordered all airlines operating from the capital Caracas to pay for fuel in the petro crypto as he looks to boost its uptake in Venezuela.
President Nicolas Maduro has told retirees, public employees and pensioners that they will be receiving a Christmas bonus.
The Venezuelan president is determined to see Petro used, paying pensioners their Christmas bonuses with the crypto.
The exchange will officially shut down operations on October 29, blaming it on regulatory uncertainty.
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.