National Assembly of Venezuela has approved a regulatory bill on cryptocurrency dated 21 November.
The bill sets precedent to involvement of Petro, the controversial oil based cryptocurrency into the economic sphere.
This bill will allow Petro to be the trade integer for sale and purchase of gods and services in the economically crippled Venezuela.
This bill also allows foreign trade operations using Petro for exchanges, loosening the noose on inter-country trade.
Like Iran, Venezuela is also looking into any means necessary to bypass U.S. economic sanctions. The decentralized currency can help open trade channels with countries that are barred from trading in or with Venezuela or have restrictions in place.
With no banking structures in between, the trade channel is non-scrutinized and could be the only hope for the shut-out country.
Since the launch of Petro, Maduro is trying his best to create a framework to adopt this way-out for the country. As reported earlier by BlockPublisher, the following steps are being taken for the seamless entry of crypto into Venzuela.
● Promotion by PDVSA (Petróleos de Venezuela, S.A) and other public and joint ventures, as well as national public entities and regional and local governments.
● The payment of extraordinary labor commitments and benefits in Petro.
● Tax incentives for companies that incorporate the use of Petro in their commercial
‘We have found the revolutionary formula that puts work as a centre for the general rebalancing of society, based on the production of goods and the remuneration of wages.’ — President Maduro
Although Petro is not yet listed in any of the major currency exchange, times seem to be changing.