The Venezuelan government is pushing forward its national cryptocurrency Petro at full speed and has now announced that its passport fees can only by paid through it. The announcement was made by Vice President Delcy Rodriguez in a press conference earlier this week despite consistent operational issues in the working of Petro that are dogging its development and mass adoption.
Rodriguez claimed that the enforcement will take place before the official launch of the cryptocurrency by the government which is slated for November. The cost of each passport application is also being floated around by the government with a new passport expected to cost 2 Petros and an extension expected to cost 1 Petro. Venezuelans living abroad will have to pay in USD for passport services including USD 200 for a new passport and USD 100 for an extension, according to Rodriguez.
Even setting aside Petro’s troubles, the cost of each passport is still significant as the minimum monthly wage is 25% of the cost of the passport fee in Petro according to the currency exchange rate. The Venezuelan government is eager to attract foreign capital in Petro and enforce its mass adoption but even then it will have to face problems because in its current status, Petro cannot even be transferred from one person’s wallet to another.
In addition to the passport fee rules, the Vice President also announced the creation of a new migration police force to enforce migration policies. Petro payments for passports appear to reflect the government’s attempt to enforce its strict migration policy and promote the national cryptocurrency simultaneously. However, the token’s developers need to solve critical issues with the currency before any of these decisions can be enforced.
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