Venezuelan Supreme Tribunal Orders Constituent Decree On Cryptoassets

Venezuelan Supreme Tribunal Orders Constituent Decree On Cryptoassets

November 6, 2018 Off By Steven Anderson

The Supreme Tribunal of Justice of Venezuela ordered payment in 266 Petros in a case filed for a workplace injury.

Of note, the TSJ is the highest court of law in the country.  It is also the highest head of the Judicial branch.

The “Petro” is the national cryptocurrency of Venezuela.  The government has launched a petro savings plan backed by 4 million in the digital currency.

According to a local media report that was made on Friday, November 2, 2018, the tribunal ordered the moral damage compensation for a workplace injury case that has to be paid either in Petros or the equivalent.

The case in question is related to a Venezuelan Citizen María Elena Matos, injured at the National Institute of Agricultural Research (Inia), which is her place of work.  Her workplace is a unit that is attached to the Ministry of Agriculture of Venezuela. Post-injury she was disabled, and the disability was medically verified and approved. The Efe publication which published the matter stated, “The justice condemned the INIA to pay in the equivalent of 266 Petros.”

The court verdict clarified: “TSJ orders compensation payment in Petros.”

The Venezuelan President, early in August announced that “Each petro, will be treated at the anchor point of Sovereign Bolívar, and it will be valued at 3,600 Bs.s.”

A famed and reliable website, which regularly publishes the black market rate for the dollars, reported that one dollar is equal to 236.40 of the new Bolivars on Nov 5, 2018.

The Supreme Court further made a second announcement on Friday, where it stated that it has ordered “the implementation of the Constituent Decree based on Cryptoassets and the Petro as the Sovereign Cryptocurrency, in order to guarantee an effective judicial protection in order to protect the value of the amount set as compensation for moral damage.”

According to the Vice President of the country, “The Petro Savings Plan as ordered by the Venezuelan government is a plan where the citizens will be able to acquire Petros to be able to save them utilizing a certificate.”

Tareck El Aissami the vice president of the Venezuelan economy.  On Friday he detailed “Venezuelans with national identity card can access the digital portal.” The petro savings plan will be available in the national portal.

The El Universal published, “More than 18 million cardholders will be able to access the savings plan, and they can invest in sovereign bolivars.”

Maduro in the past week stated that “He will initially make 4 million Petros available at the beginning, which is equivalent to 14,400 million sovereign bolivars and 240 million dollars.”

The news outlet stated that the savings method would consist of quarterly amortizations and a final payment which can be executed between 90, 180 or up to 270 days.

The savings plan website launched by the government stated “All users will be able to participate during the working hours from Monday through Saturday from 6:00 AM to 10:59 PM,” It further noted that “The minimum purchase fraction is set at 0.01 equivalent now to 38.95 Bs.s.” And, there will be a 0.1 percent penalty for those who redeem early.

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