From 2019 on, the residents of Venezuela are going to have to pay their passport fees with the Petro, which is the controversial state-supported cryptocurrency which is allegedly backed by oil.
Oil purchases will be made with PTR
This is an announcement in a press conference on the 5th of October, Friday, by the Vice President of the country, named Delcy Rodriguez, ahead of the official launch of the coin in November of this year. This also follows a similar press release by the President of the state, Nicolas Maduro, who stated that oil purchases are now going to be made with Petro or PTR.
As the Vice President stated, new passports are going to cost two Petros, while extensions can be purchased half of that. As it was reported, the new registration price is four times the monthly minimum wage, which is around 7,200 bolivars, which takes it out of the hands of the average Venezuelan.
The enforcement of these new rules is also going to make it even more difficult for Venezuelans to travel out of the country. For those that are living abroad, the cost for new issuance is going to be $200 while extensions are going to be $100.
Venezuelans switched to cryptos like BTC and Dash
Since 2014, Venezuela is battling with hyperinflation, which saw its national currency, the bolivar, depreciate rapidly in value. With the need of a currency to fill the void which was created by the Bolivar, some Venezuelans switched to cryptocurrencies like Bitcoin and later, Dash, which became arguably more reliable as a store of value, as well as medium of exchange, in order to combat the effects of the rampant inflation and the nose-diving bolivar.
The government of Venezuela, seeing the remarkable ascendancy which cryptos were enjoying, decided to issue an oil-backed cryptocurrency, known as the Petro in December last year.
While the creation of this state-backed cryptocurrency created a more favorable environment for non-centralized tokens to flourish in the country, it also came with all forms of chances and controversies.
PRT will be listed on the six major crypto exchanges for trading
In an announcement from last week, the President of Venezuela claimed that Petro is going to be listed on the six major crypto exchanges for trading, but it has not stopped it from courting controversy.
Following the announcement, the core developer of Ethereum or ETH, named Joey Zhou shared a tweet in which he called the Petro a blatant dash clone, at least according to the whitepaper of it.
However, the adoption of the Dash has been on the increase, so much that the CEO of Dash Core Group, named Ryan Taylor, called the country the second largest market for the Dash.