Foreign Flag Vessels in Venezuela to Pay for Services in Petros

VENEZUELA MARCH 2018 FOREIGN FLAG VESSELS IN VENEZUELA WILL HAVE TO PAY FOR SERVICES IN PETROS The Government of Vene- value could be in the order of transactions. A general meet- zuela has recently an- US $60 per Petro. Direct pur- ing will be held next week nounced the creation of a chase of a Petro can only be with all shipping agents to digital currency, more specifi- done through the use of Eu- broaden the information cally, a cryptocurrency called ros, Yuans, Rubles, Turkish about the use of the Petro in Petro, with the purpose to Liras, or by the certified digi- the maritime field. battle the financial blockade, tal coins: Bitcoin, Ethereum y raise foreign currency, and Zen. Just a few days before, on generate a new method for March 19, 2018, President the payment of goods and This past Friday, March 23, Donald Trump issued an Ex- services. Of the 1,500 crypto- the Government issued a bul- ecutive Order taking addition- currencies that exist world- letin to the Venezuelan ship- al steps to address the state wide, the Petro is the first ping agencies, informing of emergency in Venezuela, cryptoasset issued by a them that as of this date, the by prohibiting any United State, and in this case, Vene- National Institute of Aquatic States citizen, permanent zuela is backing it up with Spaces (INEA), acting as the resident alien, entity orga- their oil assets. Venezuelan maritime authori- nized under the laws of the ty, will begin collecting United States, or any jurisdic- The Petro is currently in ser- through Petros, the payment tion within the United States, vice and its first sale, in the fi- for their services rendered to all transactions related to any nancial market, began on foreign flag vessels. It was digital currency issued by March 23, 2018. All legal and reported that this measure, to Government of Venezuela. natural persons can make collect in Petros, as instruct- the direct purchase of the ed by the National Executive, Any issues in regards to Petro through a government is to be followed by all the the Petro are considered a website. It is expected that national institutions that gen- new subject matter in Ven- the Petro will have a value erate foreign currency. Also, ezuela, therefore, its evolu- equivalent to the price of the there was the mentioning of a tion and further outcome oil barrel, therefore, in its ini- Petro Wallet for the INEA to are yet to be seen. tial stages, its approximate use for all corresponding .

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