Foreign flag vessels in Venezuela to pay for services in Petros

Foreign flag vessels in Venezuela to pay for services in Petros

The UK P&I Club have received the following update from correspondents Pandi Ocean, regarding the newly created digital currency 'Petro' by the Venezuelan government.

"The Government of Venezuela has recently announced the creation of a digital currency, more specifically, a crypto currency called Petro, with the purpose to battle the financial blockade, raise foreign currency, and generate a new method for the payment of goods and services. Of the 1,500 crypto currencies that exist worldwide, the Petro is the first cryptoasset issued by a State, and in this case, Venezuela is backing it up with their oil assets.

"This past Friday, March 23, the Government issued a bulletin to the Venezuelan shipping agencies, informing them that as of this date, the National Institute of Aquatic Spaces (INEA), acting as the Venezuelan maritime authority, will begin collecting through Petros, the payment for their services rendered to foreign flag vessels."

Members can read the full update here.

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