Venezuela imposes digital currency “Petro” on passport fees

Venezuela imposes digital currency “Petro” on passport fees

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Answer Venezuela imposes digital currency “Petro” on passport fees

The report notes that Venezuelans are now forced to pay “passport” fees in the country’s recently controversial digital “petro” currency.

According to Bloomberg News, Vice President Delcy Rodriguez announced at a press conference Friday:

“Extracting the new passport will cost citizens two units of the “Petro” currency in the amount of 7200 bolivars (the currency of the state of Venezuela).

According to the news source, this amount represents four times the minimum monthly wage, as Venezuelans face an even more difficult task in obtaining their travel documents as they seek to flee in light of the economic and humanitarian crisis that the country is going through.

With the state’s announcement of the establishment of a special police force to deal with immigration, as reported by “Magnus Manits” magazine, there appears to be an insistence on paying the petro currency to extract passports and the high price value that aims to stop individuals seeking to flee Venezuela.

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Although it arrived in pre-sale in February, President Maduro officially launched the digital token backed by oil and minerals last week.

“Welcome (Petro). We did this to advance the economic recovery program and revolutionize the global digital crypto world as a new type of trade, financial and monetary exchange.”

Maduro also installed the renewed national currency, to become the petro currency as sovereign as the Venezuelan bolivar.

However, with the symbol being used openly to waive US-led sanctions against the country, President Trump moved to prevent its use in trade by issuing new restrictions in March.

Just last week, a bipartisan group of US senators called for tougher sanctions against the petro calling for a ban on US residents providing software to the Venezuelan government as part of its efforts to profit from the petro.

It seems that “Nicolas Maduro” is placing all his hopes in the success of this currency, as he is making a big tour to force institutions to use the “petro currency.”

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In late August, he ordered banks to adopt the “petro” after companies were forced to do the same in March. He believes that “the nation should also link the pension and salary system to the cryptocurrency,” according to what he announced last August.

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