Bitcoin Forum

Venezuela’s National Constituent Assembly has approved the decree on the use of cryptocurrencies and the country’s new “oil-backed” currency, after repeatedly declaring the Petro illegal. The new currency began its initial coin offering last month as the Venezuelan president continues to strongly push its use.

Decree on Cryptocurrencies Approved

The Venezuelan National Constituent Assembly (ANC) has approved the draft Constituent Decree on Cryptoassets and the Petro, the country’s government announced last week. The decree was presented to the ANC by Vice President Tareck El Aissami. The Superintendent of Cryptocurrency confirmed:

        "We are making history with the approval of the Decree on Cryptoassets and the Cryptocurrency El Petro. Nothing can stop the impulse of our country."

According to the vice president’s announcement, “this decree is intended to establish the basis for the management of these alternative mechanisms in financial and commercial activities.”

Read more: https://news.bitcoin.com/venezuela-approves-decree-use-cryptocurrencies/

It is very good that Venezuela Petro has already become a legal tender in this country. The previous conflict between the president and the legislature of this country over this first national crypto currency has greatly damaged its image and circulation. Moreover, the coin provided by the oil caused a general interest in the world. Now let's see how it will gain authority and influence this one of the first national centralized crypto-currencies of the world.

Pretty cool. It makes sense of unstable governments to allow cryptocurrencies to function and remove one more headache from government. Albeit a headache most governments are pretty happy to have.

I expect them to recognize Bitcoin or Bitcoin Cash. But how about the Ethereum or Litecoin?