Venezuela is working hard to establish itself as the first country to launch a national cryptocurrency. The government has announced that cryptocurrency should mitigate the economic problems associated with traditional fiat currency and become a widely used means of payment in the country.
Despite the fact that a huge part of the crypto community has expressed their skepticism towards the Petro and despite the active campaign by the United States against the national cryptocurrency, the Venezuelan government continues to try to launch the Petro as an alternative to the devalued bolivar.
The first release date was set for March, but the controversial crypto project never materialized. The national PTR coin remained unavailable for another half a year.
During this time, in an attempt to combat hyperinflation, Venezuela took a number of steps to introduce the world's first sovereign cryptocurrency. Launched ICO, a pre-sale of Petro, during which it was possible to raise more than $3.3 billion for an unreleased crypto asset, creating a new currency - sovereign bolivar, which is pegged to the Petro cryptocurrency. The National Constituent Assembly of Venezuela has begun preparing a reform that involves changes to the Constitution, the work of the Central Bank and the Supreme Court to include crypto assets in the country's monetary and financial policies.
However, despite the loud and optimistic statements of the president and the government, all attempts remained unsuccessful. The deadline for the launch of the crypto asset into circulation, October 1, also did not bring positive news. Petro is still a ghost that cannot be bought or sold in the country.
The last date for the release of the national cryptocurrency is set for November 5th. The authorities announced that starting Monday the coin will be available for purchase through several official crypto platforms and through the national treasury.
On the eve of the announced date, the country's Supreme Court recognized Petro as legal tender. During the trial regarding the right of employees to monetary compensation in the amount of 266 crypto units, the court ruled in their favor, officially recognizing the crypto asset.
After the ruling, the Supreme Court took the next step and approved the “Decree on Crypto Assets and Sovereign Cryptocurrency Petro”.. The adopted Decree officially recognizes the national cryptocurrency Petro as a monetary unit of account and encourages its use in government agencies and private companies within and outside the country.
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