In a press conference which was held by the vice president of Venezuela on the 5th of October, all citizens of Venezuela have been authorized to pay for all fees pertaining to passport dues using the Petro cryptocurrency. This was announced personally by Delcy Rodriquez.
This cryptocurrency Petro which is meant to be open officially to the general public sometime in November has been given the nod as relating to payments which are to be made for all passport applications. In other words, passport applications and other charges in Venezuela are now to be paid strictly through Petro. The total cost which is to be paid when seeking to get a completely new passport has been set to two Petros while any application for the extension of a passport would cost an additional Petro.
What is indeed ironical and surprising about this move by the government can be seen when it is compared to how much the general public earns or the general public’s standard of living. For example, the minimum wages or salary which can be paid in Venezuela is considered to be less than what they are expected to pay for a new passport.
the minimum wages in venezuela is considered to be less than what they are expected to pay for a new passport.
El Universal was quick to point out that even for all citizens which find themselves abroad, they can expect to pay significantly higher prices up to at least November. For example, for a new passport, they would be expected to cough up about $100 while if they want an extension of a passport they already own, they would have to pay an even higher fee of about $200
In their bid to help stabilize their crashing economy, the government of Venezuela is seeking to use cryptocurrency to keep their economy afloat for the foreseeable future. They believe that this would be very useful in making sure they avoid all forms of capital controls.
The president of this cryptocurrency, Mr. Maduro is known to be advocating for his theory that his cryptocurrency is the only way forward for this country. While this claim is often met with heated debate combined with the scandal which followed the court case with Dash cryptocurrency, the Venezuela government has chosen to implement the cryptocurrency in the country on an official basis.
Aside from the new changes to the mode of payment of the passports and its extension, other things which the vice president also commented and announced was the creation of a special form of the police department. This force would be completely focused and dedicated to ensuring that all citizens are safe and secure in the country. It would also be very much interested in migratory control. The government hopes that all these changes would serve as an adequate lift for their country and its economy.
It remains to be seen just how far the cryptocurrency implementation would help the country and how long it would last. However, it looks like it would not be ending any time soon.
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