- Price of a Venezuelan passport has been fixed at 2 Petro
- No other form of payment allowed
- An estimated 5,000 people flee Venezuela daily
Latest reports coming from Venezuela after several sanctions from the United States reveal that the government has begun enforcing the use of the nation’s cryptocurrency, the Petro on its citizens as a means to acquire or renew their national identities, the nation’s passport.
No Petro, No Passport
Venezuela has been in the news for the past couple of months for all sorts of reasons ranging from the country’s president, Nicolás Maduro introducing the use of its national cryptocurrency to the United States sanctioning the country’s officials and its supposed cryptocurrency asset.
According to financial authorities in the country, the Petro, which is backed by oil and several other natural resources owned by the country is “an instrument to consolidate Venezuela’s economic stability and financial independence, coupled with an ambitious and global vision for the creation of a freer, more balanced and fairer international financial system.”
As earlier reported by Blockchain Reporter, the President in a national T.V. broadcast recently announced the re-launch of the cryptocurrency to be adopted by all citizens as a national currency. This is coming about eight months after it was initially launched.
In line with the President’s announcements, the country’s vice-president, Delcy Rodriguez in a televised press conference made the new enforcement by the government know that those who want the nation’s passport will from now on need to purchase it using Petro and not the Bolivar.
The price of a new passport has been fixed at 2 Petros, which is said to be equivalent to 7,200 bolivars or $115.
Though there’s been no reason stated for this action by the government, analysts think this is to restrict the citizens from fleeing the country as a result of financial hardship in the nation.
Multitudes Flee Venezuela
A report way back in April by Irishtimes shows worrying figures as released by the United Nations that an estimated 5,000 people leave Venezuela daily.
The report also quotes Mark Green, head of USAID, accusing President Nicolás Maduro of making “delusional and inhumane policies,” which has led to the current humanitarian crisis which could have been avoided.
Despite all these reports, there hasn’t been any update on how to purchase or on what digital wallet the Petro will be stored.