Venezuela Bankrupted by Maduro— Presently He’s Launching a Petro Savings Plan

Article by · November 8, 2018 ·

A Petro savings plan has just been recently launched by the Venezuelan government. The savings plan enable the citizens of Venezuela  to invest their cash into the oil-backed cryptocurrency and “save by means of a certificate.”

Venezuela Introduces Petro Savings Plan for 18 Million Citizens

A local news outlet Telesur reported that the savings plan is among the “Comprehensive National Cryptoasset Plan,” and will in its first stage “make available” 4 million Petros, which is equal to 14,400 million sovereign bolivars, the fiat currency of the country. The value is equivalent to $240 million.

The savings plan is ready to be accessible on an online platform dubbed the “Plataforma Patria,” which according to report can be used by 18 million Venezuelans with an identification card. Venezuelans will have to put in their money in sovereign bolivars, in order to take advantage of the savings plan.

Tareck El Aissami, Venezuela’s vice president of the economy, elaborated:

“The savings method includes quarterly amortizations and a final payment that can be executed between 90, 180 or up to 270 days, a scheme that allows safeguarding the value of the investment “

According to Aissami, there’s a method that “will be applied so that the value of the bolivar in the present is equal or superior than at the moment that (the savers) withdraw their money.” The least value of Petros that can be bought is 0.01, which equals about 39 sovereign bolivars.

According to an earlier report, it was only announced by the government of Venezuela on November 5 that the Petro was available for sale. Presently, it can be bought with cryptocurrencies such as bitcoin and ethereum.

Petro Adoption

The oil-backed cryptocurrency has notably been pushed for adoption by the South American nation, following the government order for payment of passport fees by the Venezuelans and authorized the banks in the country to adopt it.

Prior to the announcement Petro being available for sale, Venezuela stated it could charge for exports in it. An order was given at the time by president Nicolas Maduro,  that the state-owned financial institutions and airlines should accept the cryptocurrency.

The government on its own has made pledged to sponsor villas for the homeless by adopting the controversial crypto token, and the Supreme court has of recent commanded a national institute to pay indemnities to one of its staffs in Petro, where its ruling was based on a decree on “Cryptoassets and the Sovereign Cryptocurrency Petro.”


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