The president of Venezuela announced that the country is ready to start using its “petro” cryptocurrency as an official accounting unit.
According to a Tuesday report, a televised announcement by President Nicolas Maduro, who initially uncover the petro back in December was cited. According to report, the state oil and gas company Petróleos de Venezuela (PDVSA) as part of the change, will start using the petro as a compulsory accounting unit.
The decision was taken as Venezuela’s government requested to fight growing economic disorder by relaxing its currency controls, according to an August 7 report from CNBC. For example, on August 20, the government will request to revalue its currency, the bolivar, and create a “sovereign bolivar.”
ABC reported that the central bank in response to that will start printing the price of the sovereign bolivar as it connects to the petro “and the price of the petro according to international currencies”. Similar actions will be taken on the country’s salary and pension systems tied to the petro’s value.
Since its first application, the petro has been highly debated, getting attacks from opposition politicians within Venezuela and also those in the U.S and abroad.
In March, the administration of Trump prohibit U.S. citizens from trading in the petro as among a series of recent sanctions against the South American country