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Petro adoption increases in Venezuela as 15% of all petrol transactions are made using cryptocurrency.

The Venezuelan government announced that almost 15% of all fuel payments at petrol stations across the country were made usin
The Venezuelan government announced that almost 15% of all fuel payments at petrol stations across the country were made using the cryptocurrency petro.

Nicolas Mudro led government in Venezuela announced this week that almost 15% of all fuel payments at petrol stations across the country were made using the cryptocurrency petro. The rise in the use of petro comes during the first week of the new state-backed plan to promote the oil-backed cryptocurrency’s widespread use. According to the Ultimas Noticias report, 40% of the petro transactions passed through foreign stations. The adoption of the oil-backed token has increased in the country as the government continues to push further.

Nicolas Maduro regime pushes for petro adoption.

The Venezuelan government has been pushing for the adoption of petro for a long time as the country’s currency continues to suffer from hyperinflation. As reported earlier, the Venezuelan government had announced that petrol stations across the country would sell petrol at a reduced price in exchange for the state-issued, oil-backed crypto, the Petro. The government also announced to remove the petrol subsidies that will see the price of gasoline spiking from close to nothing to $0.02 per liter. The authoritarian regime of Venezuela is promoting the use of petro as it is facing sanctions from the USA and the UN.

Petro head is wanted in the United States.

The US Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) New York has put Joselit de la Trinidad Ramirez Camacho, the head of Venezuela’s crypto, to its most-wanted list. Petro head Camacho is accused of having deep political, social, and economic connections to multiple alleged drug kingpins, including Tareck EI Aissami. He is being charged with violations of the International Emergency Economic Powers Act, the Kingpin Act, and many other sanctions in the USA. The officials have also put a $5 million bounty for any information leading to the Camacho’s arrest or conviction.

Earlier this year, the US Department of Justice had charged Venezuelan President Nicolas Maduro and 14 other officials of Narco-Terrorism, Corruption, Drug Trafficking, and Other Criminal Charges.

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