The constitutional national Assembly of Venezuela has adopted a package of amendments to the existing laws of the country, which open the “green light” for cryptocurrencies. Given the fact that earlier in this legislative body of the country formed a strong opposition to President Nicolas Maduro, who was skeptical about his “digital” initiatives, it can now be stated that the political elite of the Bolivarian Republic of consensus was reached.
The draft law amending the various legal norms in force in the country was proposed by Nicolas Maduro and is a document of 64 points and five conditions that define the transition period of the Venezuelan economy to a “figure“. Now in Venezuela on legal grounds will be able to work any foreign crypto–exchanges.
In addition, the status of the cryptocurrency Petro is finally determined: it is now equated to paper money — sovereign bolivars, and is considered as an absolute legal means of payment for goods and services. Discrimination against Petro is not allowed: all trading enterprises in Venezuela are now obliged to accept this cryptocurrency for payment if such calculation is convenient for the consumer. Thus, the status of Petro has been raised to a new level, and payments in this cryptocurrency will have to take a mass character.
The Ministry of communications and information of Venezuela, which oversaw the passage of the bill in the legislature, said that the main task facing Petro — is to ensure “effective counteraction to the financial and trade blockade of Venezuela, which was organized by the US government.” Andres Eloy Mendez, head of the Ministry Department for cryptocurrency infrastructure, said that the Department is confident that Petro will be able to effectively help “to avoid us sanctions, as well as to establish international business relations, since Petro is not under the control of the Central Bank of Venezuela, and therefore does not fall directly under any restrictions.” Meanwhile, the US authorities have already made Petro one of those assets with which transactions are prohibited to American citizens and companies.
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