A new approach by Venezuela to use their crypto Petro coin to payout salaries, goods and services

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The President of Venezuela Nicolas Maduro has made a public announcement stating that the county will start using their oil backed cryptocurrency the Petro as their unit of account.

The announcement of the president was made on a television addressing regarding the state oil company PDVSA will use the Petro as a unit of account. Furthermore a new salary system will be introduced by the government as same as a system for goods and services that would be supported by the Petro.

Part of the president Maduro’s statement goes as follows:

“As of next Monday, Venezuela will have a second accounting unit based on the price, the value of the Petro. It will be a second accounting unit of the Republic and will begin operations as a mandatory accounting unit of our PDVSA oil industry.”

According to the president the incorporation of the Petro “will mean a substantial improvement in the income of the workers” and and will help “the maximum retail price to reappear.”

The country will have two official currencies the Petro and the sovereign bolivar starting from August 20. The bolivar will take out five zeros from the current national currency the bolivar fuerte in an eventual money re-conversion.

The Central Bank of Venezuela will “begin to publish the official figures of the value of the sovereign bolivar according to the Petro and the value of the petro according to international currencies.” According to the president the central bank and all of the other private banks had already received the new banknotes.