Venezuela Mandates Passport Fees Must Be Paid in Controversial Cryptocurrency Petro

Petro, the cryptocurrency touted as a method out of Venezuela’s monetary disaster, will turn into the one cost methodology for passports beginning Oct. 8.

Venezuelans can solely use the state-backed cryptocurrency, the Petro, to pay for passport charges beginning subsequent week, the nation’s vp Delcy Rodriguez stated in a press convention Friday, Oct. 5.

Ahead of Petro’s official “launch” in November, Rodriguez confirmed that as of Monday, Oct. 8, charges for all passport functions will solely be payable in Petro, and can price an elevated quantity: 2 petros for a brand new passport and 1 petro for an extension.

The common month-to-month minimal wage in Venezuela, Bloomberg experiences, is 4 instances lower than the price of the raised passport price.  

“In the case of Venezuelans who’re overseas, till the primary day of November the fee can be $200 for issuance and $100 for extensions,” Rodriguez said, in response to main Latin American newspaper El Universal.

Venezuela has sought to fight the side-effects of rampant inflation and a failing economic system by embracing the usage of cryptocurrency to avoid capital controls.

As Cointelegraph reported, Petro, President Nicolas Maduro’s purported resolution to the nation’s financial disaster, has constantly courted controversy, with accusations final week claiming its builders copied the whitepaper of altcoin Dash.

Along with the passport charges shake-up, Rodriguez additionally introduced the formation of a devoted migration police power, ostensibly designed “to protect citizen safety and migratory management.”

Bloomberg notes that round 5,000 residents flee Venezuela every day.

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