The Venezuelan Authorities has Introduced a Crypto Related Investment Plan

The Venezuelan Government has launched an investment plan for its citizens. The plan is aimed at getting them invested the country’s national crypto —petro. The investment plan has been dubbed the — Petro Savings Plan.

The Petro Savings Plan

The government of Venezuela recently introduced the Petro Savings plan and it has plans to get the citizens of the country fully invested in the coin. This new development will also ensure that the citizens “save by means of a certificate”.

A local news outlet reported that the newly introduced plan for savings is part of the “Comprehensive National Cryptoasset Plan”.
The report has also made it known that only 4 million Petros which is equal to 14,400 million sovereign bolivars (Venezuela’s fiat currency) will be available in the investment pool.
Anyone interested in this investment plan will need to do so using Plataforma Patria—an online platform accessible to about 18 million Venezuela citizens having an ID card.

Some Specifics of the Investment Plan

Based on a statement from Tareck El Aissami, Venezuela’s vice president, the minimum investment period allowed on the platform is 90 days.
He made this known in a statement which states that:

“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”

He further stated that:

“there’s a formula that “will be applied so that the value of the bolivar in the present is equal or superior than at the moment that (the savers) withdraw their money.”

The report also made it known that
People can purchase as low as 0.01 Petros (which is the minimum they can purchase). By conversion, 0.01 Petros is equalled to 39 sovereign bolivares.