The Supreme court of Venezuela recognized the Petro cryptocurrency legal tender
November 2, the Supreme court of Venezuela recognized the cryptocurrency Petro (PTR) legal tender – the judgment States that the government “shall promote the use of crypto-currencies as means of payment and to act as a guarantor of such use”. The news was reported by Ethereum World News.
Venezuela intends to become the first in Latin America, “Krepostnoy”. After several delays, the government announced the launch of the Petro – state of cryptocurrency, designed to help address economic problems caused by rising inflation. The government had planned to launch the Petro in March 2018, however, despite the official Declaration made by President Maduro, the launch did not take place. In March, the President of the United States Donald trump has signed a decree prohibiting individuals and legal entities to conduct transactions with cryptocurrencies issued by the government of Venezuela.
Then, after several failed attempts and changes in the architecture of the blockchain, on 1 October, the government announced that Petro “will become convertible state cryptocurrency”. However, by the time many people began to doubt: Petro not only remains inaccessible, but on the very day of the planned launch in the whitepaper, there have been significant changes.
Finally, in late October, the authorities announced that from November 5 tokens PTR can be bought for crypto currencies (at the first stage, through the official exchanges) and cash (directly at the national Treasury).
It is important to note that in late October the country’s Supreme court made the decision on monetary compensation of the Venezuelan workers at the rate of 266 PTR. The decision has generated increased interest in the Venezuelan jurists as implied recognition of the Petro as a legitimate means of payment. It also drew criticism by those who believe that the only legal currency in Venezuela must be Bolivar.
However, several days later, on November 2, the Supreme court approved the “Decree on scriptactive and sovereign cryptocurrency Petro”, published by the Supreme legislative body of the country, the National constitutional Assembly. Thus, all branches of Venezuelan government – Executive, legislative and judicial – has officially recognized Petro means of cash payments. The decree is important because it, along with Petro legal tender recognized and other cryptocurrencies:
The state will contribute to the spread of crypto-currencies as means of payment and to act as a guarantor of such use in the activities of public institutions and private companies in the country… and beyond.
However, still purchase tokens PTR impossible. Apparently, the creators continue to develop legal and technological infrastructure necessary for the successful implementation of this strategic decision.