Venezuelan authorities give the green light to cryptocurrencies

The decree would enter into force once it is published in the National Gazette, according to Cripto Noticias. It consists of “12 articles in which the legal basis for the launch of Petro and the use of cryptoassets in the Venezuelan national territory are defined, in the same way that the use [of these assets] is guaranteed.” The new currency began its initial coin offering in March 2018, as the Venezuelan president continues to strongly push its use.

The Venezuelan government under Nicolas Maduro’s command has been actively promoting the use of the Petro. On Friday, April 6, the Superintendency of Cryptocurrency explained the guidelines for using the new currency to representatives of more than 100 shipping agencies in the country.