Citizens of Venezuelawillsolelybe able to use the state-backed cryptocurrency, the Petro, topay money forpassport feesbeginningnext week, the country’sVP‘Delcy Rodriguez’ recentlyaforementionedin an official press conference.
Ahead of Petro’s official launching inNov., Rodriguez confirmed that as of from Mon., i.e 8th Oct., fees for all passport applicationscansolelybepayablein Petro,and would cost anexaggerated amount:twopetros fora newpassport while one petro for an extension.
However, according to a report by Bloomberg states that the the average monthlyremunerationinVenezuela, isfourfoldtime less the priceof the raised passport fee.
In line with a local news report from ‘EI Universal,’ Rodriguez also added that in the case of Venezuelansthat are settledabroad,tillthe firstday ofNov. would be going to be around$200 USD forissuanceand $100 USD for the extension.
Venezuela hassought-afterto combat the side-effects of rampant inflation and a failing economy byembracingthe utilizationof digital currenciesto avoidcapital controls.
As report earlier this month, President Nicolas Maduro’sproposedsolutionsto the country’s existing financial conditions that hascontiniouslycourteddisceptation with accusations last week claiming its developerscopying the technical whitepaper of another cryptocurrency ‘Dash’.
Along with the passport fees shake-up, Rodriguezconjointlyproclaimedthe formation ofa frenziedmigrationlaw enforcement agency,apparentlydesigned “to preservecitizenssecurity and migratorymanagement.”
According to a report by Bloomberg states that, aroundfive thousand Venezuelancitizens fleeon a daily basis.