Maduro announces that Venezuelans will be able to sell real estate and cars with the petro cryptocurrency

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CARACAS (Sputnik) – Venezuelan President Nicolas Maduro announced that the procedures for the sale and purchase of real estate and vehicles can be carried out legally through the petro cryptocurrency.

"The transactions that are being made in dollars that are illegal will now be made in petro (…) We are already in institutional, legal conditions so that all the properties of the country, all the vehicles of the country are exchanged, legally and transparently registered in the petro cryptocurrency, "said the Head of State during a broadcast on the Venezuelan State television channel.

Similarly, the president said that the procedures for issuing passports and visas can be done through that Venezuelan cryptoactive.
"We are in technological, economic, financial conditions to accelerate the path of petro as a great cryptocurrency in the national economy of Venezuela and beyond our borders," he said.
The president also said that public and private companies must keep double accounts: in bolivars and in petro, because the cryptocurrency became a legal accounting record.

"Venezuela has to transform into a kryptonation, where cryptocurrencies run, the digital economy and we all have to be participants in the digital economy, "he said.

Likewise, Maduro inaugurated the first oil box office in Caracas, out of a total of 23 that will be put into operation throughout the Caribbean nation, into which savers can convert their assets.

"That the petro fulfills its role for which it was created, to protect the people of Venezuela and the State (…) That the petro is occupying step by step in a stable and safe way its space in the economy," he said.

A petro has a value of 80,000 bolivars, according to the rate set by the Central Bank of Venezuela, and is backed by natural reserves such as oil (50%), gold (20%) and diamonds (10%).
The petro arose at the end of 2017, as a plan of the Government of Maduro to evade the economic sanctions imposed by the United States.

A decree of US President Donald Trump prohibits its purchase from any company or person in that country.



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