Venezuelans can only use Petro Cryptocurrency to Pay for Passport Fees 

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The Venezuelan Vice President Mr. Delcy Rodriguez said in the press conference that people can only use state-backed digital currency, the Petro, to pay for passport fees starting next week.

Ahead of the Petro’s official launch in November, Mr. Delcy Rodriguez affirmed that from Monday 8th October, fees for all passport applications would only be payable in Petro will cost two petro for a new passport and one petro for an extension.

As per the Bloomberg report, the average monthly minimum wage in Venezuela is 4 times less than the cost of the increased passport fee.

Mr. Delcy Rodriguez stated, “In the case of Venezuelans who are abroad, till the first day of November the cost will be $200 for issuance and $100 for extensions,” as per the leading Latin American newspaper El Universal.

Venezuela has tried to combat the side-effects of rampant inflation and a failing economy by adopting the use of digital currency to circumvent capital controls.

As reported earlier, Petro, President Nicolas Maduro’s purported solutions to the nation’s economic crisis, has consistently attracted controversy, with allegations last week claiming its developers copied the whitepaper of altcoins Dash.

Alongside the passport fees shake-up, Mr. Delcy Rodriguez further declared the formation of a dedicated migration police force ostensibly designed “to preserve citizen security and migratory control.”

As per Bloomberg’s report around 5,000 citizens flee Venezuela every day.