Venezuelans Forced to Use Petro Cryptocurrency to Pay For Their Passports

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    Venezuelans keep leaving the inflation-stricken country in droves. However they have to get their passports, and only available means of payment is the newly launched Pet

Cover image via U.Today

Venezuelans keep leaving the inflation-stricken country in droves (almost 5,000 people per day). However, in order to do that, they have to get their passports, and the only available means of payment is the newly launched Petro cryptocurrency. Vice President Delcy Rodriguez has just announced that one passport will cost two Petros (around $115). Despite the fact that it costs four monthly minimum wages, there are still queues of Venezuelans who are willing to apply to it.

The controversial oil-pegged Petro cryptocurrency, as many experts believe, won’t do any good for Venezuela’s collapsing economy. Meanwhile, as U.Today reported earlier, the trading volumes on LocalBitcoins are skyrocketing due to the rising popularity of digital assets in the country.

 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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