Venezuelans can only use the condition-backed cryptocurrency, the Petro, to spend for passport fees commencing future week, the country’s vice president Delcy Rodriguez mentioned in a press meeting Friday, Oct. 5.
Forward of Petro’s formal “launch” in November, Rodriguez confirmed that as of Monday, Oct. 8, fees for all passport purposes will only be payable in Petro, and will value an greater amount of money: 2 petros for a new passport and 1 petro for an extension.
The average every month minimal wage in Venezuela, Bloomberg reviews, is four instances less than the price tag of the lifted passport charge.
“In the situation of Venezuelans who are overseas, until finally the initially day of November the value will be $200 for issuance and $100 for extensions,” Rodriguez mentioned, in accordance to major Latin American newspaper El Universal.
Venezuela has sought to combat the aspect-outcomes of rampant inflation and a failing overall economy by embracing the use of cryptocurrency to circumvent capital controls.
As Cointelegraph claimed, Petro, President Nicolas Maduro’s purported alternative to the country’s financial crisis, has persistently courted controversy, with accusations very last week professing its developers copied the whitepaper of altcoin Sprint.
Along with the passport costs shake-up, Rodriguez also declared the development of a dedicated migration police force, ostensibly intended “to protect citizen stability and migratory command.”
Bloomberg notes that around 5,000 citizens flee Venezuela just about every day.