Home Finance News Pay with Petro for Passport Fees from October 8 Says, Delcy Rodriquez

Pay with Petro for Passport Fees from October 8 Says, Delcy Rodriquez

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Beginning October 8, 2018, citizens of Venezuela will be able to pay only using Petro for their passport fees as per the confirmation of Delcy Rodriguez.

Delcy Rodriguez, the vice president of Venezuela, confirmed, “Passport fees are only payable in Petro.”  The cost of passport applications will be more.  It will be 1 petro for passport extension and 2 petro for the new passport.

The United Nations reported that nearly “5000 Venezuelans flee the country every day in an attempt to survive the economic crisis.”

Governor Suely Campos, stated, “We are very fearful that this can lead to economic instability in our state.”

Bloomberg reports, “The average monthly wage for Venezuelans is four times less than the amount of the increased passport fee.”  If the current economic situation continues, it is expected that more than 1.8 million Venezuelans will leave the country by the end of this year. They flee in a hope to rebuild their lives abroad.

According to Rodriguez, “In the case of Venezuelans living abroad, until the first day of November the cost will be $200 for passport issuance and $100 for passport extensions.”

This information was published in the Latin American newspaper El Universal.  This news comes a lot ahead of the launch of Petro in November.

Venezuela is embracing cryptocurrency usage to deal with the side effects of inflation.  The government believes that the usage of cryptocurrency will help the failing economy.

There were accusations that the developers of petro copied the whitepaper of Altcoin Dash.  The cryptocurrency solution as proposed by President Nicolas Maduro as a holy grail to the economic crisis of the country has been subject to widespread accusations in the past week.

Petro Wallet will be available in Google Play.   The Venezuelan president reinstated that all the oil purchases in and out of the country will henceforth be made in Petro.   The Petro will be available in 6 major cryptocurrencies.  The current rule is also applicable to airlines that pass through Venezuelan local airports en route to international destinations.

Maduro has as well stated that the petro will be used for the groceries, local salaries and also to pay for goods and services.  The fiat currency continues to suffer hyperinflation. Petro will as well be entering international airports.

Petro is the first of its kind cryptocurrency backed by oil.   Despite the widespread claims several experts are skeptical about petro.  An American cultural magazine labeled crypto as a “stunt” and as a non-strategic approach after its failure to recover the national fiat.

Following the passport fees shakeup, Rodriquez has announced that they are forming a migration police force to help with the security and the migratory control. Rampant economy, circumvent capital control and a lot is happening in Venezuela with Petro.

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Sydney Ifergan

Sydney has 20+ years commercial experience and has spent the last 10 years working in the online marketing arena and was the CMO for a large FX brokerage.

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