Petro Gets Transaction Greenlight From Venezuela’s Supreme Court
Venezuela’s Supreme Court has demonstrated its support of Petro, the country’s controversial national cryptocurrency after ordering a local company to compensate 266 Petros in a workplace injury case.
Venezuela’s Supreme Court otherwise known as Supreme Tribunal of Justice National Institute of Agricultural Research (Inia) to compensate María Elena Matos for damages sustained during a workplace accident. The interesting thing is that the Supreme Court set the official compensation amount at 266 Petros rather than the old local currency. The move is a clear indicator that the country’s judicial system now recognizes petro as legal tender.
Venezuela’s Supreme Court fully acknowledges the Petro cryptocurrency
Maria reportedly sustained serious injuries at her workplace at Inia that left her disabled. She filed the case with the country’s Supreme Court which ruled that she should be compensated in Petros. The court’s decision demonstrates the government’s commitment towards making sure that the cryptocurrency becomes widely accepted.
Venezuela’s President Nicolas Maduro launched the Petro cryptocurrency earlier this year in a move aimed at helping the country get out of its long-lasting economic downturn. The cryptocurrency was also announced at a time when the country faced U.S sanctions which negatively affected exports and imports.
The sanctions pushed Venezuela’s economy to its knees and even resulted in a massive devaluation of the Venezuelan Bolivar VS the U.S dollar. President Maduro announced in August that the country would treat the Petro cryptocurrency as its national currency. Meanwhile, the Supreme Court also made another important cryptocurrency-related announcement after the ruling on Elena Matos’ case.
The Supreme Court “ordered the implementation of the Constituent Decree on Cryptoassets and the Petro Sovereign Cryptocurrency, in order to guarantee an effective judicial protection and protect the value of the amounts that are set as compensation for moral damage,” the announcement stated.
Venezuela’s Petro savings plan
This is big news for the country’s citizens because it means the cryptocurrency can now be used to make day-to-day payments and it will hopefully help improve the country’s economy. Venezuela’s government also announced the launch of a Petro savings plan. Venezuela’s Vice President Tareck El Aissami stated that citizens can now save Petro through a certificate which can be accessed through the government’s digital portal.
President Maduro recently announced that 4 million Petros valued at 14,400 million sovereign Bolivars or $240 million will initially be rolled out in phase 1. The recent Petro cryptocurrency-related developments in Venezuela pushed the country into the fast lane as far as cryptocurrency adoption and use are concerned.