Venezuela’s Supreme Court Orders Payment in National Cryptocurrency

Venezuela’s Supreme Tribunal of Justice has ordered a compensation payment of 266 petros, the country’s national cryptocurrency, in a workplace injury case. Meanwhile, the Venezuelan government has launched the petro savings plan, backed by 4 million of the digital currency.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Venezuela’s Supreme Court Recognizes Petro

The Supreme Tribunal of Justice of Venezuela (TSJ) has ordered moral damage compensation in a workplace injury case to be paid in petros or the equivalent, local media reported on Friday. The TSJ is the country’s highest court of law and the head of the judicial branch.

The case involves a Venezuelan citizen, María Elena Matos, who was injured at the National Institute of Agricultural Research (Inia), a unit attached to the country’s Ministry of Agriculture. Noting that she was subsequently verified disabled, Efe publication described, “The justice condemned the Inia to pay the equivalent of 266 petros [~$16,000].” The court clarified:

TSJ orders the compensation payment in petros.

In August, Venezuela’s President Nicolas Maduro announced that “Each petro, as the anchor point of the sovereign bolívar, will have a value of 3,600 Bs.s.”

According to a popular website that publishes the black market rate for dollars priced in bolivars, Dolartoday, one dollar is worth 236.40 of the new bolivars on Nov. 5.

Moreover, the supreme court made a second announcement on Friday, stating that it has “ordered the implementation of the Constituent Decree on Cryptoassets and the Petro Sovereign Cryptocurrency, in order to guarantee an effective judicial protection and protect the value of the amounts that are set as compensation for moral damage.”

Petro Savings Plan

On Monday, the Venezuelan government launched the petro savings plan. According to the country’s vice president:

Venezuelans will be able to acquire petros so that they can save by means of a certificate.

Tareck El Aissami, the country’s vice president of the economy, detailed on Friday that “Venezuelans with a national identity card will be able to access the digital portal” where the petro savings options will be available, El Universal reported. “More than 18 million cardholders can access the savings plan with an investment in sovereign bolivars.”

Last week, Maduro said he “will make available in this first phase 4 million petros, equivalent to 14,400 million sovereign bolivars and 240 million dollars,” the news outlet elaborated. El Aissami explained:

The savings method includes quarterly amortizations and a final payment that can be executed between 90, 180 or up to 270 days.

The government’s savings plan website states that “All users can participate in the hours from Monday to Saturday from 6:00 AM to 10:59 PM,” noting that “The minimum purchase fraction is 0.01, which for its first day is equivalent to 38.95 Bs.s.” In addition, there is a 0.1 percent penalty for early redemption.

What do you think of the court’s order and the petro savings plan? Let us know in the comments section below.

Images courtesy of Shutterstock and the Venezuelan government.

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