Venezuelan President: will revive Petro, which can be used for taxes and utility bills

Venezuela's President Nicolas Maduro pledged to revive the country's unsuccessful cryptocurrency in his state-of-the-nation address to the constituent assembly on Tuesday, from oil sales to passport fees, BlockBeats reported. Mr. Maduro said the state-run oil company would start "exploratory sales" of 50,000 Petro a day before considering selling all of the country's oil in the elusive cryptocurrency. In the future, he said, Petro will also pay taxes and utilities.

"We are forging a path to a new economy, to break the old agreements and the bureaucracy," Mr. Maduro said. "The crisis has forced us to strengthen our creativity, to seek answers where there are none, to seek innovative strategies to overcome difficulties and adversity."

Venezuela's President has ordered all branches of the country's main bank, Banco DE Venezuela, to accept the country's cryptocurrency, known as Petro (PTR), the finance ministry said in a tweet on July 4, according to BlockBeats. Although the country has been trying to popularize petrodollars, they have had little effect.

Original address:https://www.bloomberg.com/news/articles/2020-01-14/venezuela-s-maduro-vows-to-revive-petro-in-his-annual-address

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