Venezuela: court imposes penalty in the Petro

Venezuela, there seems to be serious. After the official Launch of the first national crypto-currency, the Petro, has now for the first time, a court, a fine of 266 Petro imposed. This is equivalent to a formal acceptance of the digital currency as a legal tender.

local media last Friday, the 02. November, reported that the Supreme court of justice of Venezuela, a claim for damages, and arranged to bring these in Petro compensation.

But what is it about? I have Heard that the Venezuelan nationals, María Elena Matos complained before the court of justice, after she suffered an accident at work. The spicy Detail: Matos employer is the national research Institute for agriculture and is subordinated directly to the Ministry of agriculture of Venezuela. The court upheld the claim for compensation, and asked the Institute to pay the fine in Petro.

This ruling is a confirmation of the Petro as a legal tender by the judiciary, as the Venezuelan bar Association:

"As the Supreme judicial body of the country has reached a verdict, stating that the Coin with cash is replaceable, implied the court, that the Coin is a legal tender."

Since the end of October, the Petro is officially available. Like BTC-ECHO reported, the Cryptocurrency, however, is not smoothly from the stack. The registration on the official Website does not work and the citizens of the country are unlikely to be able to get Petro. Nevertheless, the government seems to want the establishment of a petrochemical with all the power.

We support the controversial development of the first national crypto-currency for some time. With the introduction of the digital currency in the crisis-ridden country wants to make the Jump from the devastating spiral of economic contraction and rising Inflation. Also, Venezuela seems to want to with the help of the new currency from the long Arm of the U.S. economic sanctions free. Therefore, the US Administration has banned the use of petrochemicals in March of this year.

Who would like to learn more about the macro-economic relationships of the Dash-Copycat Petro, Hyperinflation, and the downturn in this article to heart.