PortandTerminal.com, February 14, 2020
The Venezuelan Maritime Authority is requiring port payments to be in its own digital Petro Currency. Standard P&I Club recommends shipping owners and operators to consider carefully trade to Venezuela.
WASHINGTON – There are reports today that the Venezuelan Maritime Authority is requiring port payments to be in its own digital Petro Cryptocurrency.
This means that services including ‘pilotage, towage, launch service, re-floating services, custody and logistic launches provided to foreign-flagged vessels’ may have to be paid, at least in part, in Petros.
What is Venezuela’s Petro Currency?
In 2018, Venezuelan President Nicolas Maduro rolled out a scheme to rescue his economy. He would offer an alternative to the increasingly worthless bolivar, and skirt U.S. sanctions on financial transactions. He called it the Petro Currency.
The Petro is a state cryptocurrency backed by the country’s oil. Venezuela legally allows and encourages the use of the Petro for virtually any payment including oil trade, taxes, fees, real estate, gasoline, flights and more. The problem is that almost no one uses it or takes it seriously.
Petro – “The Mother of all shitcoins”
The Petro Cryptocurrency has not been widely adopted, and within the cryptocurrency world is ridiculed. President Maduro has been forced to order state-run institutions such as Venezuelan Airlines to use the Petro to try and turn it into a viable currency.
Here’s a Tweet that was just sent minutes ago by Venezuela’s state-run airport authority who are desperately trying to help talk up the Petro Currency. No one is buying it though.
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