CONTROVERSIAL CRYPTOCURRENCY PETRO IS MANDATORY TO BE USED AS PASSPORT FEES
Tyler Smith – Cryptocurrency Investor
After facing a lot of issues with cryptocurrency in Venezuela many businesses, like Burger King, have finally started to accept cryptocurrencies, says cointelegraph. The government announced the ability to use crypto as a conventional payment method and the payments of passports are mandatorily paid in the country’s cryptocurrency, the Petro.
This state-backed cryptocurrency began seeing use on October 5th 2018 for passport fees, an action that would contribute to the value for those that buy and sell cryptocurrency, according to the countries’ Vice President Delcy Rodriguez.
After the official launch of Petro, the government decided that Monday October 8th was the date to start receiving Petros for all passport applications. It will cost applicants 2 Petros ($200) for a new passport or 1 Petro ($100) to extend a current passport. Bloomberg reports that currently the monthly average income of Venezuelans is four times less than the current cost of the passport fee.
Venezuela is now trying to curb the uncontrolled inflation that they are experiencing, along with a failed economy recently labelled embarrassing. The usage of cryptocurrency is essential for the governments plans to increase capital control of the country. However, with 5,000 Venezuelans fleeing the country every day, according to Bloomberg, the country is now introducing an enthusiastic migration police force. The main reason for this is to safeguard the citizen’s security and migratory control.