Venezuela is plagued by hyperinflation. That is why the South American country introduced its own cryptocurrency, which is used by more and more people. The digital currency Petro (PTR) is intended to counteract the extreme depreciation of the national currency. However, another cryptocurrency is now to be accepted more widely.
Venezuela: Pay passport with Bitcoins (BTC)
Because like some users the official club's Twitter page reports Bitcoin (BTC) is also available to you for the payment options for your passport. As the following picture shows, users can choose the largest cryptocurrency in the world during the payment process. What is strange about the graphic is that payment by credit card is currently not possible, there it says "coming soon". According to some users, payment by credit card has so far been accepted:
The process is carried out via the online immigration platform SAIME (Administrative Service for Identification, Migration and Foreigners). This allows Venezuelan residents to renew their passports or extend their validity. As a payment service provider for the correct processing of Bitcoin transactions, the platform relies on BTCPayServer.
Surprisingly, the payment function with Bitcoin (BTC) should not be available to Venezuelan residents like a reddit user yesterday berichtet.
I'm trying to find an official announcement, but so far I haven't been able to find anything.
My brother says he tried yesterday and the Bitcoin option wasn't there.
So that's pretty new. Also, maybe this feature only works for people outside the country. I dont know.
I will report when I find an official announcement.
This raises the suspicion that the country may force its residents to remove the Bitcoin payment function from using the state-owned pseudo-cryptocurrency Petro (PTR).
Update: Meanwhile, payment with bitcoins has been removed. It may have been a test run.
15% pay petrol with Petro (PTR)
The fact that 15% of residents now pay for their gasoline with the state-owned cryptocurrency Petro (PTR) was also received with mixed feelings. Hyperinflation of the local currency is likely to force many people to use the government's pseudo-cryptocurrency.
With the current number of uses of Petro, the question remains whether the local people have voluntarily decided to use the cryptocurrency. Already at the beginning of 2018, inflation in the South American country was almost 3000%, which is continuously increasing.