Venezuela’s President Launches A New Petro Crypto Savings Plan After Country’s Bankruptcy

Venezuela’s President Launches a New Petro Cryptocurrency Savings Plan

Venezuela has decided to launch a new Petro savings plan. The main intention behind it is to allow citizens in the country to put their funds into the national cryptocurrency. The information was released by the local news outlet Telesur a few days ago.

The savings plan is part of the ‘Comprehensive National Cyptoasset Plan. 4 million Petros will be available for interested citizens that want to purchase them. These 4 million Petros are equal to 14,400 million sovereign bolivars, the fiat currency of the country ($240 million dollars).

Interested users in this savings plan can acquire the cryptocurrency using the ‘Plataforma Patria’ or ‘Motherland Platform.’ The investment plan is available for 18 million Venezuelans that have an identity card.

Tareck El Aissami, Venezuela’s Minister of Industries and National Production, said about this investment plan:

“The savings method includes quarterly amortizations and a final payment that can be executed between 90, 180 or up to 270 days, a scheme that allows safeguarding the value of the investment.”

The minimum purchase is equal to 0.01 Petros, or 39 sovereign bolivars. The local cryptocurrency, the Petro, became available for citizens and interested investors on November 5. Individuals could purchase them using cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

Venezuela decided to launch this virtual currency in order to avoid international sanctions and to give an impulse to the completely destroyed economy. The country is experiencing a recession of 15% and has an inflation of 10,000,000% according to some reports.

The local virtual currency is apparently backed by gold, diamonds and oil, the natural reserves of the country. At the same time, some experts claimed that the virtual currency is a copy of Dash. Dash is a virtual currency that allows users to rapidly send and receive money and that had a very important impact in the Venezuelan economy.

Several merchants in the country decided to accept Dash payments rather than other virtual currencies. Venezuela became one of the countries with the largest number of merchants accepting Dash in the world.

A few days ago, Venezuela’s Supreme Tribunal of Justice (TSJ), ordered a compensation payment to be performed using Petros. The payment should be made to a Venezuelan citizen who was injured at the workplace. The compensation is 266 Petros according to the TSJ.