The cost to buy a passport has increased to 7,200 bolivars to obtain a passport this Monday.
The Vice-President of Venezuela, Delcy Rodriguez, announced last Friday that passport issuance fees can only be paid in the government-created cryptocurrency Petro as of November 1, 2018. Furthermore, the cost has increased to 7,200 ($115.77) bolivars to obtain a passport this Monday.
In November, this will translate to two petros for a new passport and one petro for an extension. The new payment method was part of a joint announcement, which also revealed that the country has established a migration police force, which will tend to the 72 ports of entry. The creation of the force comes at a time of mass emigration from Venezuela due to its deep economic crisis.
The use of cryptocurrency is the latest effort by Venezuela to combat the side-effects of inflation and a struggling economy by using Cryptocurrencies to circumvent capital controls. However, according to a report from Bloomberg, the raised passport fees are four times that of the average monthly minimum wage in the country.
Latin American newspaper El Universal sighted Rodriguez as saying: “in the case of Venezuelans who are abroad, until the first day of November the cost will be $200 for issuance and $100 for extensions.”
Controversy Surrounding Petro
The cryptocurrency petro is backed by five billion barrels of petroleum which the government says is located in an isolated savanna in the center of the country, Atapirire. Launched in February, the petro is not sold on any major crypto exchange nor are any shops known to accept it.
Socialist President Nicolas Maduro has stated that the cryptocurrency would be the cornerstone of the country’s recovery plan. However, a report by Reuters found that it is not a “functional financial instrument.”
Furthermore, the core developer of Ethereum Joey Zhou pointed out in a Tweet posted last week that petro has allegedly plagiarised parts of its whitepaper from the GitHub repository of Dash. All of this raises real questions on the viability of the digital asset being able to do any meaningful work in helping the country get back on its feet.
Venezuela’s Mass Emigration
Since the beginning of this year Venezuela’s currency, the Venezuelan Bolívar, has fallen by more than 99 percent. In stark contrast, the opposition-led Congress estimates that the annual inflation is 200,000 percent.
It appears that the raising of the passport fees is an attempt to stop locals from fleeing the country. According to the United Nations, around 2.6 million Venezuelans have fled the country, with most of them heading to other South American countries. From that figure, about 1.9 million have left since 2015, under Maduro's governance.
However, Maduro disputes these figures - claiming they have been dramatized to make him look bad. Instead, he insists that 600,000 or less have left in two years and from those, 90 percent regret doing so.
The Vice-President of Venezuela, Delcy Rodriguez, announced last Friday that passport issuance fees can only be paid in the government-created cryptocurrency Petro as of November 1, 2018. Furthermore, the cost has increased to 7,200 ($115.77) bolivars to obtain a passport this Monday.
In November, this will translate to two petros for a new passport and one petro for an extension. The new payment method was part of a joint announcement, which also revealed that the country has established a migration police force, which will tend to the 72 ports of entry. The creation of the force comes at a time of mass emigration from Venezuela due to its deep economic crisis.
The use of cryptocurrency is the latest effort by Venezuela to combat the side-effects of inflation and a struggling economy by using Cryptocurrencies to circumvent capital controls. However, according to a report from Bloomberg, the raised passport fees are four times that of the average monthly minimum wage in the country.
Latin American newspaper El Universal sighted Rodriguez as saying: “in the case of Venezuelans who are abroad, until the first day of November the cost will be $200 for issuance and $100 for extensions.”
Controversy Surrounding Petro
The cryptocurrency petro is backed by five billion barrels of petroleum which the government says is located in an isolated savanna in the center of the country, Atapirire. Launched in February, the petro is not sold on any major crypto exchange nor are any shops known to accept it.
Socialist President Nicolas Maduro has stated that the cryptocurrency would be the cornerstone of the country’s recovery plan. However, a report by Reuters found that it is not a “functional financial instrument.”
Furthermore, the core developer of Ethereum Joey Zhou pointed out in a Tweet posted last week that petro has allegedly plagiarised parts of its whitepaper from the GitHub repository of Dash. All of this raises real questions on the viability of the digital asset being able to do any meaningful work in helping the country get back on its feet.
Venezuela’s Mass Emigration
Since the beginning of this year Venezuela’s currency, the Venezuelan Bolívar, has fallen by more than 99 percent. In stark contrast, the opposition-led Congress estimates that the annual inflation is 200,000 percent.
It appears that the raising of the passport fees is an attempt to stop locals from fleeing the country. According to the United Nations, around 2.6 million Venezuelans have fled the country, with most of them heading to other South American countries. From that figure, about 1.9 million have left since 2015, under Maduro's governance.
However, Maduro disputes these figures - claiming they have been dramatized to make him look bad. Instead, he insists that 600,000 or less have left in two years and from those, 90 percent regret doing so.
US Prosecutors Recommend 3-Year Prison Sentence for Binance's Changpeng Zhao: Report
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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