Venezuela’s Supreme Court of Justice Declared Petro a Legal Tender

Venezuela’s Supreme Court of Justice Declared Petro a Legal Tender

Petro tender

Despite the fact that a huge portion of the crypto community has expressed their skepticism as regards the Petro cryptocurrency, the Venezuelan Governments seems not to care. Right after launching the coin officially, the government has also listed the coin on six different exchanges. A recent report also has it that the country’s highest judicial body, the Supreme Court has issued a judgment which implies that the coin is an official legal tender.

Petro Receives Judicial Support

Even though the government has received several backlashes for the creation of the coin, the judiciary arm of government has shown support for the coin.

Through its actions, it has become clear that Venezuela is determined to become the first Latin American crypto nation. The government has also proven that it is ready to take all necessary measures to protect the coin and other cryptocurrencies in the country.

Officially a Legal Tender

Recently, the Supreme Court of the country ruled that a Venezuelan worker is paid compensation for all the damages and wrongs done to him. The court ruled that the worker is compensated with a total of 266 Petro coins. Since the news of the judgment broker, several lawyers in the country have commented on the meaning of such. Importantly, it was noted that since the highest judicial body in the country has recognized the coin, it only means one thing, the coin is now an official legal tender even though any law regarding this has not been officially passed at the time of the ruling.

In order to protect the Petro coin and also to confirm that the coin is now an official legal tender, the Venezuelan Supreme Court of Justice declared that the “Constituent Decree on Cryptoactives and the Sovereign Cryptocurrency Petro” which was issued by the National Constituent Assembly of the country should be implemented.