Venezuela Government Take Further Steps On Petro Cryptocurrency

Starting next week, Venezuelans will have to pay their passport fees with the petro, the debatable state-supported cryptocurrency that's allegedly backed by oil. This was announced during a press conference on Fri, Oct. 5, by the country’s vice president, Delcy Rodriguez, before the coin’s official launch in November. This follows an identical press release by President Nicolas Maduro, who expressed that oil purchases will now be made with petros (PTR).

According to Rodriguez, new passports can cost two petros, whereas extensions can be purchased half that. Bloomberg reports that the new registration value is four times the monthly minimum wage (around 7,200 bolivars), that takes it out of the hands of the common Venezuelan. The enforcement of the new rules can build it even more difficult for Venezuelans to travel out of the country. For Venezuelans living abroad, the price for new issuance are going to be $200 whereas extensions will be $100.

Venezuela has been battling with hyperinflation since 2014, which saw its national currency — the bolivar — depreciate quickly in price. Needing a currency to fill the void created by the bolivar, some Venezuelans switched to cryptocurrencies like bitcoin and later, dash, which became arguably more reliable as a store of value and medium of exchange, to combat the side effects of the rampant inflation and the nosediving bolivar.

Seeing the outstanding ascendance that cryptocurrencies were enjoying, particularly dash, the Venezuelan government decided to issue an oil-backed cryptocurrency, the petro, in Dec. 2017.

While the creation of the state-backed cryptocurrency has created a more favorable environment for non-centralized tokens to flourish in the country, it's also come with all sorts of oppositions and controversies.

In an earlier announcement last week, the Venezuelan President had claimed that petro would be listed on the six major crypto exchanges for trading, but this hasn’t stopped it from courting disputation. Following the announcement, ethereum core developer Joey Zhou shared a tweet in which he known as the state-owned cryptocurrency a “blatant dash clone,” at least according to its whitepaper.

Adoption for dash has, however, been on the rise, such a lot that Ryan Taylor, chief executive officer of Dash core group, known as the country the second largest market for dash.

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