A government plan to counter economic sanctions is coming into force in Venezuela after parliament passed a law on crypto asset regulation. The law, originally proposed by the country’s leader Nicolás Maduro, gives legal effect to the petro, Venezuela’s multi-asset-backed digital currency.
‘Breaking Financial and Commercial Blockade’
In a statement released by the country’s Ministry for Communication and Information, the new law, approved by the National Constituent Assembly on Nov. 20, allows for use of the petro in commercial transactions inside Venezuela, including the acquisition of goods and services. The law consists of 64 articles and five transitory provisions, it said.