Venezuelan parliament approves ‘Petro integration’ law

November 28, 2018
Darya Karatkevich

Venezuela’s government announced the approval of a new bill aimed to integrate the troubled Petro into the economy, in yet another attempt to garner more support of a currency no one seems to really want.


Presented by President Nicolas Maduro in 2017, Petro has faced a number of problems since its debut. It’s been banned by the U.S., subtly forced upon Venezuelans, which still didn’t lead to generating any type of interest for the ever-failing cryptocurrency.

Proposed by Maduro himself, the new law announced this week consists of 64 articles intended to validate and outline Petro uses. Additionally, given the strong disdain of petro by the U.S. it’s also expected to circumvent the sanctions that are currently in place.

As Venezuela maintains its struggle with hyperinflation, Maduro consistently pushes his vision of the solution to the problem. Despite his valiant efforts, Petro continues to fail to impress. After this attempt, can we expect Maduro to finally throw in the towel?

Post written by Darya Karatkevich
Darya is a blockchain market observer with 5+ years of experience as an author and editor for major tech blogging platforms. Her fortes are blockchain technologies and solutions, cryptocurrencies and crypto-related regulations.

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