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Venezuelan gov’t mandates Petro crypto as payment option for petrol

TL;DR

Venezuela government has mandated the use of Petro crypto, the state-owned digital currency, as a payment option for gasoline across service stations in the country. Meanwhile, the development is coming at a time where the government has been forced to make adjustments to its petrol regime.

Maduro says Petro crypto payment stands out

According to a recent report, Nicolás Maduro, the President of Venezuela, stated that residents can now be able to purchase petrol at any gas station enabled in the country using the Petro crypto. Although the stations would still accept other convertible currencies, payments with Petro crypto stands out.

Reportedly, the government plans to sell gasoline to residents at a reduced price in exchange for the Petro crypto, which perhaps, would act as a catalyst to boost the adoption of the oil-backed digital currency. Meanwhile, payments would not be processed using the dedicated digital wallet for the nation’s cryptocurrency, Petro.

Per the report, the gas station and the residents would be able to send and receive the Petro crypto using the Patria. The application is another payment system created by the country’s biggest bank. The Monedero Patria precisely operates as a Biopayment system.

Effect of U.S. sanctions in Venezuela

Meanwhile, the development today comes as the Venezuelan authorities decided to remove subsidies on the country’s petrol price. This was promoted as a result of acute gasoline shortages, probably due to the sanctions imposed on the country by the United States. 

The president said

This is a war, my dear fellow countrymen who listen to me, a brutal war. The U.S. is persecuting any company that brings a drop of gasoline to Venezuela.

Prior to the petrol subsidy removal, the Venezuelan government had to receive about five tankers of petrol from other United States’ foe, like Iran. This came amid the crippling petrol supply shortage in the country.

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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