Now, Venezuelans can only utilize state-backed and highly controversial cryptocurrency, the Petro, to cover passport fees starting in the week.

On Friday, Oct 5, 2019 , from a televised press conference from Caracas, Vp Delcy Rodriguez informed the citizens relating to the mandated rule for passport services in a economically battered South American country.

Based for the announcement, new passports are predicted to cost two Petros, and 1 petro for an extension. This is definitely equivalent to 7,200 bolivars, or four times the national monthly minimum wage within the residents there, as outlined by Bloomberg reports.

The new and overhauled petro crypto publicized by President Nicolas Maduro on Oct 2, 2019 , almost eight months after the concepts supposed to be its initial launch date. The stable coin backed with oil and mineral reserves and it’s scheduled to be sale starting Nov 5, 2019 .

Although there was seen a big outrage and suspicion by way of the Venezuelan populaces, enthusiasts, investors, and also the opposition. Everybody is criticizing from this smart move from the Govt. with been asking the credibility on the token. For Exodus, the citizens evidently degree of passport as well as in order to have their own travel documents, the citizens required in petro that is definitely instructed through the authorities.

Surprisingly, the Petro does not have any users, no investors, rarely are oil to support it reported by an online media outlet Reuters.

Also, in accordance with the unjustified passport fees, Rodriguez announced the formation of a dedicated migration law enforcement officials, apparently designed “to preserve citizen security and migratory control.”

Notably, 5,000 citizens are flocking from Venezuela outside a panicking situation daily.

In the state of jeopardy, the Maduro government has devised an approach to promote the adoption with the national cryptocurrency. Despite various measures by way of the government to entice the citizens to back in the country in hope of a better future,

The president’s measure to sought the ramification occurred as a result of rife inflation and then a failing economy by incorporating the use of cryptocurrency to circumvent capital controls as well as to promote the adoption of one’s national cryptocurrency is becoming an issue to the citizens seeking escape from Venezuela.

However, Maduro government continues to be trying to let the citizens to look at enthusiastically Petro if possible while hopping an increased future. Noticeably, President Nicolas Maduro’s regularly confronting the accusations of copying the white paper of Dash crypto from the developers of the Petro token.

Due to your escalating economic and humanitarian crisis Venezuelans contemplate apply the secure passports is shattered due to their lack of materials and rampant corruption, that latest planned move by your Govt.

Now, it appears the Petro enforcement can make it extremely arduous for Venezuelans going abroad.

Even, United Airlines, Deutsche Lufthansa, Avianca, Aeromexico, and Latam Airlines, are among numerous airlines which use barred servicing Venezuela.