The illegally constituted National Constituent Assembly approved the decree on the use of cryptocurrencies and the new currency "backed by oil" of the country, after repeatedly declaring that Petro is illegal. The new currency started its initial offer of currencies last month, as the Venezuelan president continues to strongly pressure its use.
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Approved Cryptocurrency Decree
The Venezuelan National Constituent Assembly (ANC) approved the draft Constituent Decree on Cryptoaspects and Petro, the country's government announced last week. The decree was presented to the ANC by Vice President Tareck El Aissami. The Superintendent of Cryptocurrencies confirmed:
We are making history with the approval of the Decree on Cryptoassets and the Cryptocurrency El Petro. Nothing can stop the impulse of our country.
According to the vice president's announcement, "this decree intends to establish the basis for the management of these alternative mechanisms in financial and commercial activities."
Venezuela approves decree on the use of cryptocurrencies
The Venezuelan Constituent Assembly approves the Decree on cryptoassets.
Sputnik News elaborated: "According to the document approved by the Constituent Assembly, President Nicolás Maduro will have the power to regulate the issuance, organization and operation of Petro", adding that:
The purpose of the decree is to allow the use and exchange of cryptoassets by natural and legal persons, residents or not, in the territory in order to advance the economic development of the nation.
The decree will come into force once it is published in the National Gazette, according to Cripto Noticias. "It consists of 12 articles that define the legal basis for the launch of [the] Petro and the use of cryptoassets in the Venezuelan national territory, in the same way that the use [of these assets] is guaranteed", detailed output .
The ANC previously stated that Petro is illegal and violates the country's constitution. "The Adecoburgués Assembly took a resolution to prevent Venezuela from having the Petro," President Maduro said after the decree was approved, adding that "Petro belongs to the Venezuelan people."
Integrating Petro into the economy of Venezuela
Venezuela approves decree on the use of cryptocurrencies
Nicolas Maduro.
Petro allegedly started its initial coin offer (ICO) last month after a presale, during which Maduro claims to have raised approximately $ 5 billion, but has yet to present any evidence of doing so. Then announced last week: "In the coming days, I will take stock of the achievement of these 15 days of sale of El Petro."
The Venezuelan government under Maduro has been actively promoting the use of Petro. On Friday, the Superintendence of Cryptocurrency explained the guidelines for using the new currency to representatives of more than 100 shipping agencies in the country.
Venezuela approves decree on the use of cryptocurrencies
The Venezuelan government explains the petro guidelines to more than 100 shipping agencies.
In addition, Maduro announced Friday that ambulances were now purchased with Petro. During the reopening of the pediatric system of the Rafael Medina Jiménez hospital in the state of Vargas, he said:
We have received 30 ambulances that we are delivering in La Guaira, state of Vargas, and we have achieved [this] through agreements with companies that we have paid with Petro. Here is the key to the new ambulance that Pariata Hospital will have. It's the first ambulance I got in Petro. I will give it to you.
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