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Venezuelans will be required to pay passport fees in Petro cryptocurrency

Starting next week, all Venezuelans will have to pay all fees and payments for obtaining a passport in the national cryptocurrency Petro. This was announced by Vice President Delhi Rodriguez at a press conference on Friday, October 5th. Recall that the president of Venezuela, Nicolas Maduro, has previously said that oil purchases will now also take place with the help of Petros (PTR).

According to Rodriguez, the new passports will cost two petro, which according to Bloomberg, is four times the monthly minimum wage (about 7,200 bolivars). The introduction of new rules will make the process of going beyond the bounds of starny more difficult. For Venezuelans living abroad, the cost of new passports will be $ 200, and the extension $ 100.

Venezuela Petro

Venezuela has been fighting hyperinflation since 2014, in contrast to which some Venezuelans switched to cryptocurrencies, such as bitcoin or dascoin, to combat the side effects of violent inflation. Noticing the advantages of digital currency, the Venezuelan government in December 2017 decided to issue its own cryptocurrency, backed by oil reserves.

Although the creation of a state-supported cryptocurrency created a more favorable environment for noncentralized currencies, it received a resonant response both from Venezuelans and around the world. As an alternative means of payment or a new way of attracting investment in circumventing existing sanctions, Petro may well be useful. But forcible coercion to use it can not but cause concern.