Nov 6, 2018 05:30 UTC
Nov 6, 2018 at 06:33 UTC
Petro is a Legal Tender in Venezuela
The Supreme Tribunal of Justice ordered to pay 266 Petros or the equivalent as moral damage compensation in a workplace injury. Supreme Tribunal of Justice is the highest court of law and head of the judicial branch.
In a recent workplace injury case, Venezuelan citizen Maria Elena Matos was injured at National Institute of Agricultural Research (Inia). Inia is unit which is attached to the Ministry of Agriculture of Venezuela. In the case, it was noted that Elena was subsequently verified disabled. The court clarified that
“The justice condemned the Inia to pay the equivalent of 266 Petros.”
In August this year, Nicolas Maduro the President of Venezuela announced that
“Each petro, as the anchor point of the sovereign bolívar, will have a value of 3,600 Bs.s.”
The supreme court of Venezuela has also announced that the court has “ordered the implementation of the Constituent Decree on Cryptoassets and the Petro Sovereign Cryptocurrency, in order to guarantee effective judicial protection and protect the value of the amounts that are set as compensation for moral damage.”
According to Dollartoday, a popular website which publishes the black market rates for dollar-priced in bolivars, currently, one dollar is worth 236.40 new bolivars.
Recently the government of Venezuela also launched petro saving plan. The vice president of Venezuela, Tareck El Aissami said that the citizens of Venezuela will now be able to acquire Petros for the saving purpose. The citizens who have a national identity card will be able to access the digital portal where the petro saving options are available. With the petro saving plans more than 18 million cardholders will be able to access the saving plans as a mean of investment in sovereign bolivars. El Aissami said that
“The savings method includes quarterly amortizations and a final payment that can be executed between 90, 180 or up to 270 days.”
Last week, Maduro announced that in the first phase 4 million Petros which are equivalent to 240 million dollars and 14,400 million sovereign bolivars would be available. According to the official website of saving plans, the users can participate from Monday to Saturday from 6:00 AM to 10:59 PM.