Recently, the Venezuelan Governments made it known that its national Cryptocurrency—Petro has been listed on six different exchanges. A recent report has also made it known that as of now, the Petro coins is now considered a legal tender in the country.
Petro was Initially not Welcomed
Right from the time, the Venezuelan Government announced that it will be launching its own nationally back crypto, the authorities have received numerous backlashes from experts both within and outside the country. Despite this, the government pressed on.
Soon it became clear that Venezuela is determined to become the first Latin American crypto nation, and after several delays, its government finally announced the launch of the Petro—a cryptocurrency created to counteract several of the problems associated with the issuance of traditional fiat money.
Petro is now a Legal Tender
With the coin listed on exchanges and available for trading, the highest court in the country has also declared the coins a legal tender through its recent actions. It was reported that the supreme court of the country which ruled in favour of a worker, has asked also declared that the worker should be paid in Petro coins. A total of 266 coins was awarded to the Worker.
Since the aforementioned event took place, lawyers across the country have made their various observations. Through this, a conclusion was reached. The conclusion reached was that:
“Since the country’s highest judicial body has delivered a judgment which implies that the coin is interchangeable with cash. The court is simply implying that the coin is a legal tender.”
To further confirm this assumption, the Venezuelan Supreme Court of Justice declared that the “Constituent Decree on Cryptoactives and the Sovereign Cryptocurrency Petro” which was issued by the National Constituent Assembly of the country should be implemented.
The purpose of this is to protect and promote the use of Petro as well as other cryptos.