Venezuelans who need passports have got nothing to do but to get them for precarious national crypto-coin El Petro. As reportedly 5,000 people flee Venezuela on a daily basis, the government is struggling with resolving the crisis by imposing the use of an oil-backed state digital asset.
No Passport If No Crypto
According to the Bloomberg report, people of Venezuela will be able to get new passports only for cryptos, in particular, two Petros worth 7,200 of national public fiat bolivars (approximately 115 USD). As the country’s Vice President Delcy Rodriguez highlighted on October 5 at a press conference in Caracas, the price for one passport is four times the national minimum monthly wage.
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Also, last week Venezuela’s leader Nicolas Maduro announced that Petro had been renovated. This happened after more than half a year since the initial date of the coin’s setoff. Petro is expected to break into the trading industry on November 5. In accordance with the initial plan, it must be backed by oil and Venezuela’s mineral reserves.
The country’s citizens are struggling with getting secure passports as they stay in lines while the government fails to supply services with materials and withstand corruption. Due to the crises, as the UN data shows, thousands of people leave Venezuela every day. Bloomberg emphasizes, though, that the coercion of Petro will make their efforts to flee even less meaningful.
At the end of this year February, Maduro announced the start of the Petro’s pre-sale. The public sale was initially planned for March 2018 but was later postponed till the end of fall. In August the government noted that Petro will be an official alternate currency in Venezuela.
The coin Petro is harshly put forward by Maduro’s administration as a means of getting out of the crisis, as they say. By contrast, many crypto-experts and economists have warned against this coin as it might not get enough support from significant investors.
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