Petro cryptocurrency has really helped Venezuela economy improve and opened up numerous opportunities for local businesses that have been yearning to expand and operate across the globe. The cryptocurrency has received support from the government and other international companies that deal with cryptocurrency. The support has greatly helped boost its adoption rate as well as motivated other countries to follow suit and embrace blockchain technology and digital currencies.
Venezuela Passport to be Paid Using Petro
As cited by Coin Telegraph, the government of Venezuela has implemented a new legislation that requires all people applying for the country’s passport to pay the fees using petro. The announcement was made on Friday October 5th. Petro’s official Rodriguez confirmed the news and assured the public that the digital currency was secure and their payments would be sent to the relevant government body. He also went ahead to state that he cost for a new passport would be 2 Petro and for those who want the valid of their passport to be extended will be required to pay one Petro.
Notably, the monthly minimum wage in the country is 4 times less than the current passport fee and so it is expected that most Venezuelans will be able to apply and acquire passports. The Venezuela President Nicolas Maduro has being quoted on numerous occasions stating that the solution to the economic problems the country faces is Petro.
As expected, not everyone is happy about the support that Petro cryptocurrency has received and its growth since its inception. Last week, there was a claim that the developers of the digital currencies using altcoin Dash whitepaper without their consent.
Creation of a Dedicated Migration Police Force
Security has being a major challenge in Venezuela and it is rumored that millions of people have being killed. In a bid to control movement of people in and out of the country, President Maduro announced that a migration police force whose main role would be control migration of people and boost security in and around the country’s border would be formed.
A recent study revealed that more than 5,000 Venezuelans flee the country on a daily basis in search of greener pastures. The government is optimistic that Petro cryptocurrency use and widespread adoption in the country will greatly help restore normalcy, encourage the citizens to stay in the country, and help rebuild its economy.
The decision by Venezuela government to use Petro cryptocurrency as the primary currency to be used to pay Passport fees will greatly boost its value. People who were adamant to use the currency will also start considering invest in it and ditching the conventional fiat Venezuela currency.
Other countries should follow suit and encourage its citizens to invest in cryptocurrencies. Petro cryptocurrency will definitely have a positive impact on Venezuela economy and the cryptocurrency industry. We might also see new cryptocurrencies being developed and used in Venezuela alongside Petro in the next couple of months.