Venezuelan President Nicolas Maduro has announced the use of Petro cryptocurrency as an official accounting unit.
President Nicolas Maduro first unveiled the petro back in December, and as part of the change, the state oil and gas company Petróleos de Venezuela (PDVSA) will reportedly begin using the petro as a mandatory accounting unit.
ABC International reported the development on Tuesday, citing a televised announcement by President Nicolas Maduro.
The Venezuelan government is trying to combat the growing economic turmoil by relaxing its currency controls, according to an August 7 report from CNBC . On August 20, for example, the government will seek to revalue its currency, the bolivar, and create a “sovereign bolivar.”
This will prompt the Central Bank to begin in publishing the price of the sovereign bolivar as it relates to the petro “and the price of the petro according to international currencies,” ABC reports.
Similar moves will see the country’s salary and pension systems tied to the petro’s value. Petro cryptocurrency is one of the most highly controversial virtual currency.
What do you think about this move by the Venezuelan President?