Despite the previous criticism of the national crypto currency El Petro and its own statements about its “illegality,” the National Assembly of Venezuela approved the draft constitutional decree on crypto-active assets.
According to vice-president of Venezuela Tarek el-Aissami, this decree is intended to create the basis for the management of alternative mechanisms in financial and commercial activities. It is also aimed at creating a legal framework for the use and exchange of cryptoactive individuals by individuals and legal entities, regardless of their status as a resident of the country with the aim of accelerating the economic development of Venezuela.
“We made a historic step by approving the Decree on crypto assets and the El Petro crypto currency. Nothing can stop the development of our country, “said Tarek El-Aissami.
According to the text of the document, the authority to regulate the emission and turnover of El-Petro will belong to President Nicolae Maduro
In March, the National Assembly of Venezuela, which includes many political opponents of President Nicolas Maduro, declared the currency of El Petro illegal. Officials called the project not only fraudulent, but also presenting a serious risk to potential investors.
At the end of last month, Nicola Maduro announced the creation of four “exclusive economic zones” in Venezuela, where it will be possible to use “El-Petro” to sell goods and pay for services.