Venezuela’s Supreme Court Orders Indemnity Payments in Petro

Venezuela’s Supreme Court Orders Indemnity Payments in State Crypto Petro

Venezuela’s Supreme Court of Justice (TSJ) has recently ordered a national institute to pay indemnities to among its employees later she suffered a workplace injury in its own oil-backed cryptocurrency petro.

According to Sputnik, the Supreme Court’s ruling was based on a decree on”Cryptoassets along with the Sovereign Cryptocurrency Petro,” that was approved in April from the country’s Constituent National Assembly and establishes the”foundation for the management of these alternative mechanisms in financial and commercial activity”.

Per the rulingthe National Institute of Agricultural Research (Inia), might have to pay Venezuelan citizen Maria Elena Matos”the equivalent of 266 petros” after a workplace injury. The worth of 266 petros is estimated to be of $15,960.

A note that the Supreme Court released on social media reads:

“It is established that the Supreme Court set this criterion taking as a reference the value that the National Executive sets for the petro, in order to materialize justice in favor of whoever is affected in their rights and interests, and to counteract the actions that have sought to destabilize the national economy.”

Since BMI coated, the government, following weeks of speculation, declared that the Petro was available on the market on November 5. It could be bought with bitcoin and litecoin, and is not available for purchase together with the nation’s fiat currency, the autonomous bolivar.

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