Nicolas Maduro Says State-Owned Companies have to accept the Petro
The fact that Nicolas Maduro, the president of Venezuela, is the biggest supporter of the petro is no secret. He was the one who first announced the release of the petro, the national cryptocurrency of the country, and was personally involved in the release process.
Now it seems that Maduro also wants state-owned companies to start accepting the national cryptocurrency.
Maduro orders state-owned companies to accept petro
In a video posted on Twitter by VTV, a local television network in Venezuela, Maduro has ordered all state-owned businesses to use the petro when buying and selling products and services. He ordered state-owned businesses to convert a percentage of their sales and purchases into the Petro. Maduro said:
“I have given the order to companies PDVSA, Pequiven, and CVG to, as state-owned companies, to realize starting today a percentage of their product sales and purchases in the Petro currency.”
The companies activate mostly in the heavy industry domain. One of the three companies mentioned by Maduro, PDVSA is actually a natural gas company. On the other hand, Pequiven is a petrochemical company. CVG is among the precious metals producers of the country.
The moment when Maduro made this statement is actually when the pre-sale of the petro was announced. The petro, according to Maduro, will be usable in the country by anyone to purchase fuel or pay for tourism services. Other cryptocurrencies, except for the petro, will also be usable.
When Maduro initially announced the fact that the petro will be released, he said that the national cryptocurrency will help the economy of the country and will help Venezuela bypass US sanctions. Meanwhile, Maduro has also announced the release of another cryptocurrency, the Petro Gold. This digital currency will allegedly be backed by precious metals. For the moment, there are not so many details on how the Petro Gold will work.
