Venezuelan law officially regulates Petro's integration nationwide

24 Nov, 2018
by Fifi Arisandi
Venezuelan law officially regulates Petro's integration nationwide

Venezuelan National Constituent Assembly (ANC) just approved the law that regulates their national cryptocurrency, Petro's integration in the country. 

Being the first country in the world that has national crypto makes many people become curious about how the progress has been going so far as well as whether it has managed to achieve its original purpose. Thus, it’s always interesting to get an update on Venezuela and its newly-launched cryptocurrency, Petro.

The Venezuelan Ministry of Communication and Information made an official announcement on their website just days ago, informing the public that the country’s National Constituent Assembly (ANC) approved the law that regulates Petro’s integration.

In more detail, the Law of the Integral System of Cryptoactives proposed by President Nicolás Maduro will regulate the integration of El Petro as a digital currency for commercial exchange in the country, which is related to its capability to acquire goods and services nationwide.

According to the head of the special commission on cryptocurrency regulation, Andrés Eloy Méndez, this is considered as crucial in order for Petro to be able to achieve its ultimate goal of “breaking the financial and commercial blockade” imposed by the United States against the country.

He also emphasized the importance of Petro in the country’s economic recovery, growth and prosperity program as well as in the revitalization of the economy as its cryptocurrency nature will not require it to pass through the international banking system, which usually reveals the information of “how and where the money circulates”.

Furthermore, Méndez added that with the enforcement of the law that consists of 64 articles and 5 transitory provisions, the country can expect for the success of Petro, which will be followed by price stabilization.

Read more:

Venezuela's answer to Walmart has started to accept Bitcoin

England withholds $550 million worth of gold from Venezuela, Maduro

Venezuelans can convert Petro into other cryptos if they invest before 2019

Venezuela encourages OPEC to adopt Petro as 'Main digital currency backed by oil'

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