Venezuela “May” Charge for Exports in Oil-Backed Cryptocurrency Petro



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Venezuelan leader Nicolás Maduro has revealed that the country’s state-owned companies may start charging for exports in the country’s oil-backed cryptocurrency, the Petro (PTR). According to the country’s Cuatro F newspaper, even real estate is set to be purchasable with the cryptocurrency.

In a piece published in the newspaper, Maduro stated the Petro came to “revolutionize the global cryptoeconomy.” The piece revealed the cryptocurrency’s pre-sale receive over 200,900 buy offers, from 133 different countries. As previously covered by CCN, it claimed the pre-sale raked in $5 billion.

Notably, the piece states that as of April 20, it will be possible to use the Petro to buy products throughout the country, as well as real estate. As part of the move, Maduro informed the country’s interior minister, Néstor Reverol, to make it so that these transactions can be made through the country’s Autonomous Service of Registries and Notaries (Saren).

It also reveals that state-owned companies will start creating Petro wallets, so they can start charging for exports in the oil-backed cryptocurrency. The Venezuelan leader reportedly specified PDVSA, a state-owned oil and natural gas company that was targeted by the US’ sanctions. Cuatro F’s piece adds (roughly translated):

“This means that Venezuela will be able to charge in petros its oil, gas, steel, aluminum, petrochemical products, cocoa, among other goods exported by the South American nation. Likewise, the Central Bank of Venezuela (BCV) was authorized by decree to collect in petros for the export of gold from small mining and handcrafted items.”

Additionally, the piece notes, private companies will be able to pay taxes in Petros “including the huge debt they have for their operations during the years 2016 and 2017.”

Petro pre-sale details

According to the newspaper, 52.7 percent of contributors intend to pay with USD, while 22.59 signaled they would pay using yens. 15.9 percent are set to pay in EUR, while 7.9 percent will use ETH. Interestingly, it claims only 0.7 percent will use BTC.

Addressing the criticism the Petro has drawn – from the century-old think tank Brookings Institute, Venezuela’s National Assembly, US senators, and others – Maduro stated (roughly translated):

“I ask the world for respect. We do not get involved in the financial initiatives of other countries, whether they are powerful or not. Why does Venezuela have to be persecuted for trying to create a source of financing for its development, its happiness, for peace and economic expansion?“

He added that the Petro will “continue its course and nobody will be able to stop our cryptocurrency.”

Featured image from Shutterstock.

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