Venezuela is attempting to push its cryptocurrency Petro upon its people and this time, through its latest mandate. Starting next week, the country’s citizens will be required to pay their passport fees with the Petro.
The Petro will be officially launching in November, and the country’s vice president Delcy Rodriguez confirmed that passport applications can only be paid in the Petro. In addition to the mandate, the fees will be increasing by 2 Petros for a new passport, and 1 Petro for an extension.
These fees are quite high, especially considering that the average monthly minimum wage in the country, according to Bloomberg, is four times less than the increase in passport fees.
Rodriguez recently stated,
“In the case of Venezuelans who are abroad, until the first day of November, the cost will be $200 for issuance and $100 for an extension.” Meaning, not everyone will be subjected to paying in the Petro.
The country’s moves concerning its cryptocurrency are made in an effort to combat against the impact of inflation and a declining economy. The country is also looking to reduce capital controls.
Cointelgraph reported that the cryptocurrency is President Nicolas Maduros solution to the economic crisis, however improvements are yet to be seen. Last week, the country was mired in accusations that the developers of the Petro copied altcoin Dash’s whitepaper.