Venezuela’s National Constituent Assembly has approved the decree on the use of cryptocurrencies and the country’s new “oil-backed” currency the Petro.
The decree was presented by Vice-president Tareck El Aissami. The Superintendent of Cryptocurrency confirmed:
“We are making history with the approval of the Decree on crypto assets and the cryptocurrency Petro. Nothing can stop the impulse of our country.”
The Petro began its initial coin offering in February as the Venezuelan president continues to strongly push its use.
The decree would enter into force once it is published in the National Gazette. It consists of 12 articles in which the legal basis for the launch of the Petro and the use of crypto assets in the Venezuelan national territory are defined.
According to the decree, President Nicolás Maduro will have the power to regulate the issuance, organization, and operation of the Petro.
By Ksenia Batanova