The president of Venezuela wants a number of state-owned businesses to use its official cryptocurrency. Venezuelan President orders acceptance of National cryptocurrency Petro.

Several state-owned companies have been ordered by Venezuelan President Nicolas Maduro, to convert a percentage of their sales and purchases into the Petro. This news is according to a recording posted on Twitter by television network VTV.

As per a rough translation, Maduro said during the Petro pre-sale announcement:

I gave the order to the company PDVSA, Pequiven and CVG to realize as of today a percentage of their sales and purchases in…the Petro.”

A target of U.S. sanctions, PDVSA is a state-owned oil and natural gas company. Pequiven is a petrochemical company. Corporacion Venezolana de Guyana (CVG) is a decentralized conglomerate. The subsidiaries include aluminum and gold producers.

The government previously promised to accept the Petro for payment of:

  • national taxes
  • fees and other public services

Maduro also said that citizens will be able to pay with cryptocurrencies, including the Petro for the following:

  • fuel
  • airline and tourism services

Another Petro?

Venezuelan President orders acceptance of National cryptocurrency Petro. Apparently, the Maduro government is ready to launch cryptocurrency already, as the world is beginning o accept the idea of a state-backed coin.

Maduro created controversy once again when he announced his plan to unveil a second cryptocurrency: the Petro gold, just one day after the commencement of the contested Petro pre-sale.

Vice quoted Maduro as saying:

“Next week I’m going to launch the Petro Gold, backed by gold, which is even more powerful, that will strengthen the Petro.” 

It is unclear whether the president was referring to gold held by Venezuela’s central bank or its gold natural resources, as he has yet to divulge further details.

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