Venezuela’s government has at last permitted the decree on the use of digital coins after continuous attempts at calling the Petro illegal. The recently introduced currency, began the ICO previous month after battling the government’s attempts to push back its usage.
The Venezuelan National Constituent Assembly (ANC) has at last given its approval to the decree on cryptocurrency and the Petro. The statements were announced last week by the authorities and the decree was presented by Mr Vice President, Tareck El Aissami.
The Crypto Supervisor stated: We are making history with the approval of the Decree on Cryptoassets and the Cryptocurrency El Petro. Nothing can stop the impulse of our country.
Adding to this, the Vice President declared, “this decree is intended to establish the basis for the management of these alternative mechanisms in financial and commercial activities”.
The aim of the decree is to legalize the exchange of cryptocurrency as a natural and legal right. A media house stated that the decree “consists of 12 articles in which the legal basis for the launch of [the] Petro and the use of cryptoassets in the Venezuelan national territory are defined, in the same way that the use [of these assets] is guaranteed”.
Petro was previously marked as illegal and a violation to the country’s legalities. This intergration of Petro in the Venezuelan economy will bring about significant benefits to the country.
The government and the higher officials are now planning on giving out the guidelines for Petro to more than hundred shipping organizations.
The country has already received thirty ambulances that will be delivered in La Guaira, Vargas, and the payments have been made through Petro. The ambulance of Pariata is by far the first ambulance that has been acquired in Petro and the Crypto fanatics couldn’t be more proud of this achievement.