Citizens of Venezuela will solely be able to use the state-backed cryptocurrency, the Petro, to pay money for passport fees beginning next week, the country’s VP ‘Delcy Rodriguez’ recently aforementioned in an official press conference.
Ahead of Petro’s official launching in Nov., Rodriguez confirmed that as of from Mon., i.e 8th Oct., fees for all passport applications can solely be payable in Petro, and would cost an exaggerated amount: two petros for a new passport while one petro for an extension.
However, according to a report by Bloomberg states that the the average monthly remuneration in Venezuela, is fourfold time less the price of the raised passport fee.
In line with a local news report from ‘EI Universal,’ Rodriguez also added that in the case of Venezuelans that are settled abroad, till the first day of Nov. would be going to be around $200 USD for issuance and $100 USD for the extension.
Venezuela has sought-after to combat the side-effects of rampant inflation and a failing economy by embracing the utilization of digital currencies to avoid capital controls.
As report earlier this month, President Nicolas Maduro’s proposed solutions to the country’s existing financial conditions that has continiously courted disceptation with accusations last week claiming its developers copying the technical whitepaper of another cryptocurrency ‘Dash’.
Along with the passport fees shake-up, Rodriguez conjointly proclaimed the formation of a frenzied migration law enforcement agency, apparently designed “to preserve citizens security and migratory management.”
According to a report by Bloomberg states that, around five thousand Venezuelan citizens flee on a daily basis.