Venezuela’s Supreme Court Orders Petro Crypto Compensation Payment in Workplace Injury Case

The Supreme Tribunal of Justice of Venezuela (TSJ) has ordered a compensation payment to be made using the national cryptocurrency known as Petro. The governmental agency decided to order a compensation related to a workplace injury case to be made using 266 petros.

The TSJ has ordered a moral damage compensation that must be paid using petros or the equivalent. The information was released the last Friday by local media.

According to the official report published by Efe, Maria Elena Matos, a Venezuelan citizen was injured while working at the National Institute of Agricultural Research.

Each Petro has a value of 3,600 sovereign bolivar, the local fiat currency. During this year, the country is expected to have an inflation of over 10,000,000 percent. Nevertheless, this announcement was not the only one referred to virtual currencies or the Petro in particular. The TSJ said that in order to guarantee an effective judicial protection and protect the value of the amounts requested, the Constituent Decree on Cryptoassets and the petro Sovereign Cryptocurrency must be applied.

Back on Monday, the government has also launched a new petro savings plan in which Venezuelans will be able to acquire petros and save using a certificated method. With such high rates of inflation, Venezuelans were not able to save anything by the end of the month.

At the same time, Tareck El Aissami, Minister of Industries and National Production, said that Venezuelans will be able to access a digital portal where they would be able to save funds using Petro as a virtual currency.

Nicolas Maduro, Venezuela’s president, said that the first phase of the project will have 4 million petros available, the equivalent to 14,400 million sovereign bolivars, or $240 million dollars. There will be quarterly amortizations and a final payment that can be executed between 90, 180 or 270 days.