The Venezuelan government has been studying a state cryptocurrency called Petro coin, which is believed to be tied to oil prices. In the latest development, eligible Venezuelan citizens will receive 0.50 Petro tokens from the government. President Nicolás Maduro stated that anyone who wants to receive the donation, which is equivalent to $ 30, must register on a platform called PetroApp, a digital wallet to buy and sell Petros and other cryptocurrencies. On December 13, Maduro explained on national television that the Crypto Asset Supervision and related activities (Sunacrip) will broadcast 0.5 PTR ($ 30) next week for public employees. Residents are eligible to register with Petro App.
Benefits come with one condition: Recipients must first download and register an account with the country’s newly released Petro App, before they can receive Petro next week.
Petro App is the nation’s official Petro wallet that allows Venezuelans to buy and exchange Petro for Bitcoin, Ethereum and Litecoin. This is the only Petro wallet currently available, so all transactions using digital currencies must be made through the platform.
President Maduro revealed that donating the state’s cryptocurrency will be a national issue that is expected to continue to be adopted. This is not the first time the President has initiated a Petro gift. Maduro has previously made pension payments at the Petro, instead of the sovereign Bolivar through the Patria system.
In November, Maduro told the public that the PTR should be able to use it as physical currency. The head of the Venezuelan state noted that there are citizens who do not have a phone, but emphasized that “usability can be done with a card.” Maduro went on by saying that like 18 million Venezuelans with Carnet de la Patria (Homeland card), a card for PTR can be created. Maduro’s notice further emphasized:
“We can provide debit cards with Petro, which means building a solid monetary system and increasing Venezuela’s ability to use cryptocurrencies.”
The Venezuelan leader went on to say that the state’s electronic payment system will help it find a definitive way out of the economic war.
Recently, Maduro said about 30 million barrels of oil sitting in the tanks will play a supporting role for the Petro. In a similar statement, the President declared:
“I will deliver these 30 million barrels in liquid, physical, material support to the Petro. The inventory of crude
oil and the products in the tanks is available for immediate commercialization to maintain and support the activities of Venezuela’s sovereign cryptocurrency assets, Petro”.
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