2 November 2024
Payments Through Cryptocurrency Petro May Rise In Venezuela
The government of Venezuela reported 15% of payments made through cryptocurrency petro at all the petrol stations across the country.
The Venezuelan government reported this on 11th June and the rise comes during the first week of the new state-backed plan to promote the widespread use of the token. As per the report of Ultimas Noticias, the 40 percent of Petro (PTR) transactions gone through the foreign stations. There has been a rise in the adoption of the oil-backed token in the country as the authorities continue to push further.
The country’s currency was suffering from hyperinflation and as a result, the government decided to push the adoption for petro. Earlier, the government had announced that petrol stations all over the country will sell petrol at a less price in exchange for the state-issued, oil-backed crypto, the Petro. The government also announced to ban the petrol subsidies that will see the price of gasoline spiking from close to nothing to $0.02 per liter. The authoritarian regime of Venezuela is promoting petro for the use of daily activities as it is facing sanctions from the USA and the UN.
The head of Venezuela’s crypt Joselit de la Trinidad Ramirez Camacho has been listed on the most-wanted list of US. He is accused of having deep political, social, and economic connections to multiple alleged drug kingpins, including Tareck EI Aissami. The petro head is also charged with violations of the International Emergency Economic Powers Act, the Kingpin Act, and many other sanctions in the USA. There is also a $5 million reward for sharing any information leading to the Camacho’s arrest or conviction of Camacho.
Previously, the US Department of Justice has accused Venezuelan President Nicolas Maduro and 14 other officials of Narco-Terrorism, Corruption, Drug Trafficking, and Other Criminal Charges.
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