Venezuelans Now Can Pay for Petrol in Fiat or (State-issued) Crypto
Crypto

Venezuelans Now Can Pay for Petrol in Fiat or (State-issued) Crypto

Source: Adobe / manjagui

The Venezuelan government has announced that drivers can now fill their gas tanks with fuel – and pay with foreign currency or the state-issued cryptoasset de petro (PTR).

Caracas made his announcement last weekend and the measure took effect on June 1, per a tweet from the state channel VTV Canal 8,

The tweet included a video from the nation’s vice president and finance director, Tareck El Aissami, explaining that initially 200 service stations across the country would be using the project. In the plan, gas stations will charge customers $ 0.50 per liter of fuel so they can use PTR holdings, dollars, euros, and other large companies.

International petrol importers and service station operators are also entitled to use the new system, if they register with the government in advance.

Per El Pitazo, Caracas will aim to expand the number of gas stations using the new system, with 1,500 suppliers eligible.

El Aissami stated that new outlets would be distributed to participating gas stations, adding that they would be compatible with the Patria platform – a remittance network that allows Venezuelans to receive large cryptocurrencies, such as bitcoin (BTC), from abroad. Caracas has attempted to link its petro network to Patria, although it is unclear how successful this has been with the petro recently taken offline for “maintenance.”

El Aissami concluded by saying:

“The time for the petro is now.”

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James Donald
James Donald writes for the Crypto section of Select News 91. He is an economic expert with a special interest in the unregulated currency system. He believes that the future of the planet lies in the unregulated system and that cryptocurrency is only beginning its journey. Whether his prediction is true or not, his skills certainly show his ability to analyze trends and dissect policy decisions. His column talks about the various cryptocurrencies failing and succeeding in a market that is nowhere near saturation.

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