Venezuela Set to Charge For Exports in Petro-their State Backed Cryptocoin.

Venezuela Taking Necessary Steps to Introduce Petro into Mainstream Economy

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Venezuela’s state-owned companies may soon start to collect payments for oil exports in Petro . Through a decree, the Venezuelan leader Nicolás Maduro has revealed that  the Central Bank of Venezuela (BVC) may soon start  to collect export payment in Petro.

According to Cuatro F newspaper, this new directive will be active from April 20th. It means that gas, oil, aluminum, petrochemical products, cocoa, property among other transactions will be made in Petros. Venezuelans will also be able to buy goods and products in the country using Petros. To make all these transactions possible, Maduro informed the interior minister Néstor Reverol to allow the transactions to be carried out in the country’s Autonomous Service of Registries and Notaries (Saren).

Furthermore, state-owned companies were ordered to start creating Petro wallets which will facilitate the transfer of Petros. Apart from state-owned companies, private companies will also be able to pay taxes in Petros.

 Petro faces criticism from all corners

The recent actions taken by the Venezuelan leader Maduro show his belief that Petro came to revolutionize the global crypto-economy. Petro, a state owned cryptocurrency, backed by oil has been rejected by other leaders and top think tanks across the world. The president of the United States seems t be leading this onslaught. However, this has not deterred Maduro from making Petro grow. He has gone ahead to order the same company PDVSA that received sanctions from the US to start accepting payments in Petros. Pundits agree that this shows how determined he is to see Petro grow and influence the global cryptocurrency space.

Responding to critics Maduro said “I ask the world for respect. We do not get involved in the financial initiatives of other countries, whether they are powerful or not. Why does Venezuela have to be persecuted for trying to create a source of financing for its development and expansion? “ He went ahead and said that Petro will continue its course and nobody will interfere with its growth.

Although Maduro has received criticism from US senators, think tanks from Brookings Institute and Venezuelan’s National Assembly. In all these,his response shows how focused and clear minded he is concerning Petro.

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