The Vice President of the Republic, Delcy Rodríguez, recently reported that the passports issued from October 8, 2018, will have a price of 7,200 sovereign Bolivars (Bs.S) and that their extension will be Bs.S. 3,600. In a follow-up development, the government says payment for travel passports will now be made in Petro cryptocurrency.
The report further added that from November 1, 2018 passports will begin to be charged in petros, so the price of delivering the document will be two petros and the extension of 1 petro. Accordingt o the Vice president, the Venezuelans who are overseas, until the first day of November the cost will be $ 200 for the issue and $ 100 for the extension after which the issuance of the document will be two years and the extension of a petro.
Venezuela’s Petro is apparently backed by the country’s mineral resources, such as oil. When first announced, each petro cryptocurrency coin was said to be backed by one barrel of Venezuela’s projected five billion containers of crude oil reserves.
On the other hand, Rodriguez announced the activation of the migration administrative police in the country. As per him, the migratory police have been born to reserve citizen security and migratory control, as reported in the El Universal website.
The move to pay for passports with petro appears to be yet another attempt to improve the cryptocurrency’s status as legal tender in the country. In mid-April, President Maduro had ordered all government institutions to begin accepting Petro.
While the government of the country is trying to raise utility for the national cryptocurrency by using the petro cryptocurrency, however, there is no proof of the Petro’s presence in Venezuela. A news published in Bitcoinist stated that as per Alex Tapscott blockchain research institute says there is no cryptocurrency up to the information available in the industry as no government’s had claimed about it.
The post Venezuelans To Use The State-Backed Petro Cryptocurrency To Pay Passport Fees appeared first on OWLT Market.
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