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20 February 2020

Venezuela’s President Says Petro Cryptocurrency Critical to Economic Recovery

Venezuela’s President Says Petro Cryptocurrency Critical to Economic Recovery


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Venezuela’s President Nicolas Maduro says Petro — the state-issued crypto, will be a major focus of the country’s government in 2020.

As part of the economic revival plan, President Maduro says the government will begin selling part of its crude reserves in Petro.

Venezuela’s President also declared that citizens will be mandated to pay utility bills and file tax returns in Petro.

However, President Maduro maintains that apart from driving economic recovery, increased Petro adoption will also stop the money flow into criminal organizations.

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