According to the President of Venezuela intends to start using their cryptocurrency “petro” as the official unit of account.
Reported by ABC International, referring to the televised speech of President Nicolas Maduro. As reported in the context of these changes, the state oil company Petróleos de Venezuela (PDVSA) will begin to use Petro as a unit of account.
It’s all part of attempts of the Venezuelan government to cope with the difficult economic situation. For example, August 20 the government intends to revalue its own currency and create “sovereign Bolivar”.
In turn, the Central Bank will begin to publish the course of the sovereign of the Bolivar in relation to the petro and international currencies. Payroll and pension system will also be tied to petro.
Since its inception, petro was a lot of controversy, both within the country and abroad.
In March, the administration trump has forbidden US citizens to Transact in petro as part of a series of new sanctions against the South American country.