Starting this week, Venezuelans will have to pay their passport fees with Petro, a petroleum backed Cryptocurrency of Venezuelan Cryptocurrency. This was announced in a press conference on October 5, by the country’s president, Delcy Rodriguez, ahead of coin’s official launch in November. This stays true for the press release by President Nicolas Maduro, who stated that the oil purchase will now be made with petros (PTR)
Cost of Passport Issuing
The passport will be issued on a cost of 2 petros while the extension can be purchased with half the price. As reported by Bloomberg, the fees is four times the minimum wage (around 7,200 bolivars), which takes it out of hands of an average Venezuelan. The new rules enforcement will make an average Venezuelan very difficult to travel out of the country. For the Venezuelans living outside the country, the cost of issuing will be $200 while the extension will cost $100.
The hyperinflation in Venezeula has made the economy very unstable. Its been fighting the war since 2014. The new Petros(PTR) increase the hope of the economic stability but the initial cost is quite high. The Battle with hyperinflation has seen the decline of the national currency, “The Bolivar”. To bridge the depreciating gap, some of the Venezuelans switched to Cryptocurrency such as Bitcoin and Later, Dash, which became arguably more reliable as a store of value and medium of exchange, to combat the side effects of excruciating hyperinflation and nosediving bolivar.
Oil Backed Currency and Controversies
As the crytocurrency usage in the nation became popular, especially Dash, the Venezuelan government decided to issue an oil backed cryptocurrency Petro in Dec, 2017.
While the creation of state-backed cryptocurrency has created more favorable environment for non-centralized tokens to flourish in the country, it also came with a lot of oppositions and controversies.
In earlier announcement, President has claimed that the Petro would be listed in the top 6 cryptocurrencies for trading, but this wasn’t enough for the controversies. Following the announcement, ethereum core developer Joey Zhou shared a tweet in which he called thestate-owned cryptocurrencya “blatant dash clone,” at least according to its whitepaper.
In an earlier article, it mentioned about the impact of the State-backed cryptocurrency’s impact on the market. The Cryptocurrency looks similar to Dash, according to its whitepaper.
The Adoption of Dash is still on increase in the country with the launch of Petro and has been considered the Second largest market for Dash says Ryan Tyler, CEO of Dash Core Group.
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