A Shift to Cryptocurrency for Passport Fees

In a bold move, Venezuela has declared that passport fees will only be payable using the state-backed cryptocurrency, Petro, starting October 8. Vice President Delcy Rodriguez announced this exciting development during a press conference on October 5, creating a flurry of conversation nationwide.

Cost Implications for Passport Applications

The updated fee structure will require citizens to fork over 2 petros for a new passport and 1 petro for extensions. Given that the average monthly minimum wage in Venezuela is a staggering four times less than these costs, one can imagine the sighs of frustration echoing across the country.

For Those Abroad: A Different Price Tag

For Venezuelans living outside the country, the cost is more straightforward—$200 for a new passport and $100 for an extension until the official launch of the Petro on November 1.

Economic Context: Why the Shift?

Venezuela’s economy has been battered by hyperinflation and extensive capital controls. The government believes that embracing cryptocurrency is a path towards stabilizing the economy. However, it seems like there are more questions than answers when it comes to the Petro’s credibility.

Controversies Surrounding the Petro

Petro has been in the spotlight frequently and not just for its innovative approach. Recent accusations hinted that its developers may have lifted content from Dash’s whitepaper, raising eyebrows amongst critics and enthusiasts alike. Is the Petro a solution or just a temporary fix?

A New Migration Police Force

Rodriguez also announced plans for a dedicated migration police force to keep a tighter grip on migration within the country. With 5,000 citizens fleeing daily, this move aims to maintain ‘citizen security and migratory control’, or so they say.