Published On: Sat, Apr 14th, 2018

Venezuela Decrees Petro ‘Cryptocurrency’ as Legal Tender

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All transactions involving government institutions in Venezuela must now accept Petro — the first ever state-issued cryptocurrency — as legal tender, according to an official proclamation in the country’s Official Gazette on April 9. From that date, every such institution has 120 days to comply.
All Petro Everything
Venezuelan President Nicolás Maduro has ordered all institutions under the government’s umbrella to accept Petro as legal tender.
As reported by Bloomberg, the government of Venezuela has created a National Cryptocurrency Treasury which will be the sole regulator of all digital assets in the oil-rich country. Abrahan Landaeta has been appointed to lead the Cryptocurrency Treasury, while Anthoni Camilo Torres has likewise been appointed as the head of virtual exchanges.

The decree isn’t particularly surprising, given Venezuelan President Nicolás Maduro’s ultra-bullish stance on his government’s pet project, which he claims has already raked in $5 billion from Chinese, Russian and Mexican investors. However, these numbers come directly from Maduro’s administration, and many are skeptical as to their accuracy.
Venezuela is currently in the throes of severe economic issues, including hyperinflation. As noted by Bloomberg, “The International …

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