Venezuela: Airlines Must Pay for Fuel with Cryptocurrency

In an unprecedented move to promote the use of its cryptocurrency, Venezuela has ordered all airlines to pay for fuel using the ‘petro’.

“I decree the sale of all fuel sold by the PDVSA [Venezuelan state-owned oil company] for planes operating international routes be made in petros from now on,” Venezuelan President Nicolas Maduro said in his speech to the Constituent Assembly.

However, it is not clear whether the decision applies only to the airlines flying from Simón Bolívar International Airport or the other airports in the country. Moreover, it is uncertain if the decision applies only to local airlines or also includes their international peers.  

“[W]e are opening roads to the new economy. We are building a world for the peace and integration of peoples, their happiness and improvement,” Maduro said. 

He added that the national cryptocurrency will only be used for paying document fees, including passports.

In 2018, the state issued the petro that is backed by its huge oil reserves. The government announced in November that only 400 local businesses adopted the cryptocurrency. Thus, the President determined to make the cryptocurrency widely adopted in the country as he offered a $30 holiday bonus for public employees, pensioners and soldiers in return for signing up to the petro wallet and payments platform PetroApp.

The move will help Venezuela become one of the leading digital economies, at least in South America.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.