Cryptocurrencies
Venezuela’s Maduro Vows to Revive Petro Coin in His Annual Address
Nicolas Maduro speaks during the state of the union address at the Constituent National Assembly in Caracas on Jan. 14.
Photographer: Carlos Becerra/BloombergThis article is for subscribers only.
President Nicolas Maduro pledged to revive Venezuela’s failed cryptocurrency for everything from oil sales to passport fees in his state of the union address to the Constituent Assembly on Tuesday.
Maduro said state-run Petroleos de Venezuela SA would begin “exploratory sales” of 50,000 barrels a day in Petros, after which it would weigh selling all of the nation’s production in the elusive cryptocurrency. Going forward, taxes and utility bills will also be paid for in Petros, he said.