Venezuelan President Coercing Airlines to Purchase Fuel Using Petro
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Venezuelan President Coercing Airlines to Purchase Fuel Using Petro

January 15, 2020      Sandeep Kumar Mishra

Venezuelan President Nicolas Maduro has recently announced that he intends to revive the fortunes of country’s oil-backed cryptocurrency Petro. It is important to note that Petro had failed to attract the users.

Reviving Petro a Major Objective for the Venezuelan President

Nicolas Maduro published a decree on Tuesday in which he stated that airlines flying from Caracas would now have to pay for Venezuela’s fuel through Petro. He further urged for more extensive usage of the coin in the country. The latest move has come after the Venezuelan government had forced merchants to accept Petro at discounted rates

Maduro’s decree also proclaimed that the coin be used used for paying for state document services such as passports. However, despite his best efforts, the Venezuelan President has not succeeded in making Petro mainstream. Most Venezuelans avoid using Petro and don’t know how to use it either. Foreigners too shy away from using it as the U.S. had banned the coin. Also, many risk rating websites had labelled the project as a scam.

Maduro Determined to Make Petro a Success

In the past year, Maduro has taken several steps to make Petro more mainstream amongst the Venezuelans. Last year in May, Venezuela was trying to negotiate mutual trades in Petro with Russia. In December last year, the Venezuelan President again tried to promote the coin by approving bonuses for pensioners and public employees but insisting upon their payment in Petro.

However, it wasn’t long before people began exchanging the coins for bolivars, which they later used to purchase other currencies. To counter that, the country recently blocked any possibility of exchanging Petros for bolivars.

Purchasing Oil and Gold Through Petro

The announcement by the Venezuelan President decreeing airlines to purchase fuel through Petro has come days after he announced that Petro would be used for oil and gold sales. However, Maduro’s latest announcement lacks details, and it is not clear whether the measures would only concern Venezuelan firms or international carriers too.

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Sandeep Kumar Mishra
Sandeep Kumar Mishra

Sandeep is an avid cryptocurrency enthusiast and a keen & passionate blogger. He has a strong mix of skills in the areas of computer networking, cryptography, algorithms, and data structures and specializes in ERC20 tokens. Lately, he is taking a lot of interest in blockchain-powered AI solutions, about which he is also reading and writing extensively. He has to his name dozens of deeply researched articles about cryptocurrencies, blockchain, AI, and IoT. Apart from that, he loves to keep track of the latest trends in social media and digital marketing space. Also, as a huge proponent of blockchain and cryptocurrencies, Sandeep tries to deliver all the latest cryptocurrency news to ardent crypto supporters like yourselves. If you like his content, feel free to follow him on LinkedIn.