Maduro Bids To Revive Venezuela's 'petro' Cryptocurrency
Muhammad Irfan 14 days ago Wed 15th January 2020 | 08:50 AM
Caracas, (UrduPoint / Pakistan Point News - 15th Jan, 2020 ) :President Nicolas Maduro on Tuesday decreed that airlines flying from Caracas must pay for fuel in Venezuela's ailing "petro" cryptocurrency, which he ordered to be more widely used in the cash-strapped South American country.
"I decree the sale of all fuel sold by the PDVSA for planes operating international routes be made in petros from now on," the socialist leader told the all-powerful Assembly, created by Maduro himself to sideline the opposition-controlled National Assembly.
Maduro also decreed the mandatory use of the petro to pay for state document services including passports.
Maduro wants the virtual Currency to become a widely used means of payment by Venezuelans, yet most people have no idea how to use it.
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Maduro last December approved bonuses in petros for public employees and pensioners. However, experts said the petros were quickly changed back to bolivars and then to other currencies.
International links to Venezuela have been severely restricted since the beginning of a crippling economic crisis seven years ago.
Caracas owes $3.8 billion to international carriers, according to the International Air Transport Association IATA.