The Venezuelan Government has Launched a Petro Savings Plan

The Venezuelan Government has Launched a Petro Savings Plan

Petro savings plan

One country which is gradually becoming a force to reckon with in the cryptocurrency industry is Venezuela. Since the government of the country announced plans to launch a nationally backed Cryptos —Petro, the country has become a significant point of interest for the entire crypto industry. A recent news has made it known that the Venezuelan government has launched a Petro savings plan.

The Petro Savings Plan

According to the report released, the purpose of this plan is to allow the country’s citizens keep their money invested in the crypto. The report has also made it known that the saving plan is one of the programs the government of the country has for the crypto industry in the long run. The entire plan is been referred to as the “Comprehensive National Cryptoasset Plan”. The information provided made it known that the saving plan will make up a total of 4 million Petros, which is equivalent to 14,400 million sovereign bolivars, the country’s fiat currency.

Right now, the plan is only accessible to the citizen of the country via an online platform known as the “Plataforma Patria,” which is reportedly accessible to 18 million Venezuelans with an identity card.

Anyone interested in this saving plan will have to do so using the country’s official currency, sovereign bolivars. Minimum Investment Amount is 0.01 Petro

As regards the saving plan the vice president of the country, Tareck El Aissami, commented, saying:
“The savings method includes quarterly amortizations and a final payment that can be executed between 90, 180 or up to 270 days, a scheme that allows safeguarding the value of the investment “Per Aissami, there’s a formula that “will be applied so that the value of the bolivar in the present is equal or superior to at the moment that (the savers) withdraw their money.”

For anyone interested in investing, and has an ID card to verify his or her citizenship, the minimum amount of Petros that can be invested in is 0.01, which is equivalent to nearly 39 sovereign bolivars.