Cryptocurrency Official Currency to Buy Passports in Venezuela

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Venezuelans looking to leave their country in need of a passport, will now have to pay using cryptocurrency. Several U.S. airlines have discontinued to the country, due to a currency dispute with the government, essentially meaning that they weren’t getting reimbursed for customer tickets bought with local currency.

Per Bloomberg,

Venezuelans seeking to escape their country’s hardships now face another hurdle: getting their hands on the government’s elusive Petro cryptocurrency to pay for their passports.

New passports will cost two Petros, which is equivalent to 7,200 bolivars, or four times the national monthly minimum wage, Vice President Delcy Rodriguez said in a televised press conference from Caracas on Friday. President Nicolas Maduro announced a revamped Petro at an event last week almost eight months after what was supposed to be its initial launch date. The token is meant to be backed by oil and mineral reserves and is scheduled to go on sale starting Nov. 5.

What are your thoughts on Venezuela moving to cryptocurrency for residents to pay for their passports? Feel free to share in the comments below. 

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