President Orders Airlines to Accept Petro, Cryptocurrencies

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Venezuela's oil-backed cryptocurrency keeps making headlines, as the country's cryptocurrency superintendent, Carlos Vargas, recently declared that airlines in Venezuela can currently take the Petro (PTR) and other cryptocurrencies as a payment system.

The superintendent announced the movement based on instructions from the nation's president. Via Twitter, he revealed it stating that «airlines are permitted to sell tickets on domestic and international flights in „Petro“ and other cryptocurrencies.»

Maduro ordered several state-owned companies to transact in Petro when buying and selling services and products earlier this month. These businesses include PDVSA, state-owned oil and natural gas company, in addition to the Corporacion Venezolana de Guyana (CVG), a decentralized conglomerate whose subsidiaries include precious metal producers.

According to local news source Telesur, because the Petro was launched on February 20, investors and entrepreneurs from 127 countries have shown interest in the cryptocurrency. This meant over 171,000 people and businesses as covered by CCN.

On Twitter, the authorities further revealed that 40.8 percent of contributors plan on transacting with the USD, while 6.5 percent would buy their PTR tokens with EUR. Bitcoin and Ethereum followed, with 33.8 and 18.4 of pre-registrations.

Petro's token-sale, per Nicolás Maduro raised $735 million. None of those claims is backed by any evidence.

After some confusion regarding Petro blockchain, observers found that a NEM wallet believed to belong to the government has yet to distribute any of the countless Petro tokens in the pre-sale.

As a tool to evade sanctions levied against the nation by the 19, Venezuela's cryptocurrency was issued. Senators in the usa have denounced the cryptocurrency, while Venezuela's opposition-run congress declared that the sale is an «illegal and unconstitutional» instrument to mortgage the country's oil reserves.

Nevertheless, Maduro has declared. At the time, the leader said:

«Next week, I will start the petro gold, backed by gold, which is even more powerful, that will strengthen the petro.»

Since the launch of Petro's pre-sale, other countries revealed plans to launch their cryptocurrencies. These include Turkey, and Iran, which recently backpedaled on bitcoin.