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Venezuela goes bankrupt, president initiates Petro savings campaign

Venezuela goes bankrupt, president initiates Petro savings campaign
Nov 8, 2018 by Rico Wise

The Venezuelan media reports that the savings campaign is presented within the framework of the “Comprehensive National Cryptoasset Plan”, and its beginning stage will provide the access to 4 million petros, which equates to 14,400 million sovereign bolivars or 240 million USD.

The savings campaign can be accessed via a network named “Platforma Patria”, the access to which is provided to all 18 million citizens of Venezuela. To participate in this initiative, the citizens have to make their investments in the national currency of the country, sovereign bolivars. The government of Venezuela has recently made Petro currency available for trading, and people can buy it alongside digital currencies like BTC and ETH.

The Venezuelans have noticeably been promoting the adoption of the national digital currency backed by oil, with the government of the country demanding the citizens to settle their passport fees using petros and issued an order addressing the domestic banking institutions to adopt the currency.

Prior to the start of public sale for Petro, the government of Venezuela stated that it could charge companies for exports using the oil-backed currency. At the time, the president of Venezuela issued an order to state-owned firms and airlines to accept the digital currency. Additionally, the government intends to invest in villas for those without shelter with help of Petro.

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