Cryptocurrencies
Venezuela Says Government Bodies Must Soon Accept Cryptocurrency
- Decree gives entities 120 days to start accepting petro
- Petro is part of strategy to overcome hard-currency shortage
Nicolas Maduro speaks during the Petro cryptocurrency launch event in Caracas on Feb. 20, 2018.
Photographer: Wil Riera/BloombergThis article is for subscribers only.
Venezuela’s oil-backed cryptocurrency, the Petro, must become legal tender for all transactions involving government institutions -- from ministries to airports -- within 120 days, according to a proclamation in the government’s Official Gazette.
The government will be the sole regulator of all crypto assets, and the newly created national Cryptocurrency Treasury will be in charge of overseeing everything from their emission to trading, according to the gazette dated April 9. Separately, the government Tuesday named Abrahan Landaeta to head up the Cryptocurrency Treasury and Anthoni Camilo Torres as head of virtual exchanges.