Venezuela approved the decree on the use of crypto-currencies

The national constituent Assembly of venezuela approved the decree on the use of crypto-currencies and the new digital currency of the country, the Petro. This decision comes after numerous declarations of the National Assembly regarding the illegality of the Petro. Last month, the country’s government has launched a ICO. At the same time, the president of venezuela, continues to expand its use.

If you missed this announcement, here are the details in English :

A major breakthrough in the world of crypto-currencies in Venezuela

The adoption of this law represents a major step forward for the sector of the digital currency. The national constituent Assembly of venezuela (ANC) approved the decree regarding the crypto-currency and the Petro. The decree was presented to the ANC by the vice-president of the country Tareck El Aissami. He has said that he enters into history by adopting this new law which will be in favor of crypto-currencies and the Petro.

Source : Pixabay. Venezuela poised to legalize crypto-currencies.

According to the announcement of the vice-president, this device will serve as the basis for the management of emerging technologies in the financial and business activities. According to the document approved by the national constituent Assembly, president Nicolás Maduro will have the full power on the Petro. He will be able to regulate its emission, its organization and its functioning. The decree would come into force after its publication in the national Gazette. It is made up of 12 articles defining the legal basis for the launch of the Petro and the use of crypto-currencies on the national territory of venezuela.

The integration of the Petro in the economy of Venezuela

Last month, a ICO has been launched. President Maduro has claimed to have raised approximately $ 5 billion. However, it has not yet provided evidence of this collection. The venezuelan government has actively promoted the use of the Petro. On Friday, the vice-president of the country explained the guidelines for the use of this digital currency and national.

Moreover, Venezuela has already begun to use the Petro for the purchase of ambulances. At the re-opening of the pediatric center of the hospital Rafael Medina Jimenez at the Vargas, Maduro said that they were able to buy 30 ambulances with the Petro.

Source : NewsBitcoin

  • John Transene

    The author of this article seems to ignore the fact that the National Assembly has not approved the Petro and that what decides the ANC ( national constituent assembly) has no legal value because illegal…. Therefore, the risk of buying the Petro is huge…if you have too much money…buy the Petro…

    • Tiana

      Actually, the YEAR has not yet done so. However, in and of itself, the ANC has, de facto, to the powers that the YEAR no longer has. In addition, Petro has already been used by the government for businesses in Russia, despite the repression of the National Assembly. As in other countries where crypto-currencies are still considered to be illegal, this does not preclude their transactions.