Venezuelans Who Need The National Passport Must Pay Petro For It

The woes of citizens fleeing from Venezuela has tripled since their government issued a law mandating them to purchase or renew their passports with the country’s newly introduced cryptocurrency, the Petro.
This is coming after the government of the country mandated its citizens to make transactions using the crypto while the national currency, the Bolivar was devalued by 95% two months back.
The region’s crypto asset which is said to be backed by Oil, natural gas, gold, and diamonds was introduced to salvage the economic crisis hitting the country, as hyperinflation had reduced the country’s currency, Bolivar (VES) to an almost worthless state.
According to authorities, the Petro is “an instrument to consolidate Venezuela’s economic stability and financial independence, coupled with an ambitious and global vision for the creation of a freer, more balanced and fairer international financial system.”
As citizens have chosen to migrate due to harsh living conditions, experts have maintained their skepticism about the authenticity of this government’s backing. As we have earlier reported, despite claims from the government, there has been no indication of its use anywhere in the country, and this has made analysts conclude that the Petro does not exist.
Even though the Petro was introduced to create financial independence, most Venezuelans have chosen bitcoin to save themselves from the country’s economic woes. They have also continued to use the leading crypto asset as a security for their money, with the intent of saving it from further depreciation.
However not all is bad news as the country, two months ago set a new Bitcoin trading record which was reported to be half a billion bolivars in a week. If they continue at that pace experts predicts that the country’s economic situation will take a good turn.

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