Supreme Court of Justice of Venezuela recognizes the petro as an accounting unit.

A sentence issued by the Supreme Court of Justice of Venezuela (TSJ), this October 31, establishes that the payment of a legal compensation to a Venezuelan citizen is made in bolivars taking as a unit of account the value of the petro, recognizing with this act to the cryptoactive as a legal account unit.

The ruling was dictated by the Political-Administrative Chamber of the TSJ and requires the National Institute of Agricultural Research (INIA), a state institution, the cancellation in bolivars of compensation for moral damages caused to a citizen, who in 1997 filed a lawsuit against the aforementioned institute.

Among the arguments put forward by the agency to take official cryptoactives as unit of account, it is indicated that its decision corresponds to the decree published in Official Gazette No. 6.370, dated April 9, 2018, by which the Venezuelan government recognized to Petro as a legal currency in the country.

The court adds that the purpose of demanding the cancellation in bolivars, taking Petro as the unit of account, is to protect the value of the amount granted to the citizen as compensation, from the hyperinflation process that exists in Venezuela. The amount set is 266 PTR, which quoted at $ 60, have a value of $ 15,960 dollars.

“In view of the aforementioned considerations, this Court, in order to protect the value of the amount awarded as compensation for moral damages, takes as a basis for calculation the value of the Venezuelan cryptocurrency Petro; and consequently, the payment of the amount in Bolivars (Bs.) equivalent to Two Hundred Sixty-Six Petros (266 PTR), calculated according to the value of the Petro for the moment of the cash payment, is condemned.”

For the Venezuelan Supreme Court, the objective of the creation of the Petro is to strengthen the national monetary sign (the bolivar), reiterating that the cryptoactive is backed by “a purchase-sale contract for one (01) barrel of oil from the Venezuelan crude oil basket. or any commodities that the Nation decides”.

Despite this recognition, some Venezuelan jurists and economists consider these decisions, backed by both the Venezuelan Executive and the National Constituent Assembly of Venezuela, which is not the same entity as the National Assembly elected in 2015 and which is still in session. Parliament, they go against the current Magna Carta. Venezuelan jurists and economists, such as José Toro Hardy, have spoken about it.

“After having destroyed the Venezuelan monetary sign (the bolivar) the regime intends to replace it. With this, he incurs another violation of our constitution that states: Article 318: “The monetary unit of the Bolivarian Republic of Venezuela is the bolivar.”

For the economist, in spite of the decisions that the government is taking, aimed at forcing Venezuelans to use the petro, its adoption will hardly be generalized among Venezuelans. This is despite the fact that Venezuelan President Nicolás Maduro decreed Petro as the new unit of account in Venezuela, since last August.

As of that date, a series of announcements have been escalating by means of which the government tries that the citizens realize varied transactions with the cryptoactive, like the anchorage of the wages, the purchase of goods and products, and the payment of procedures associated to the passport application, among others. Even the Superintendency of Banking Sector Institutions issued a statement in August, ordering public and private banks to adopt the cryptoactive. However, for most Venezuelans, doubts remain about how this cryptocurrency will be used.

As part of the measures taken by the Venezuelan government to promote the use of the cryptoactive, it was announced the beginning of the sale of certificates as of October 29. However, two days after the start of the process, the Superintendence of Cryptoactives (Sunacrip) suspended it until November 5.

According to information published in local media, the suspension is due to the performance of protocol activities at the headquarters of the agency in Caracas. Although, it is also noted that there was little influx of people interested in making this type of transaction.

In relation to this process, the Sunacrip indicated that the Petro may be purchased with euros, rubles, yuan or dollars, at a reference price of $ 60, or also in exchange for bitcoin (BTC), litecoin (LTC), ether (ETH) or dash He adds that starting next week his purchase will be enabled in sovereign bolivars.

The process consists of three phases: registration, verification and purchase. Although, once the cryptoactive has been acquired, it can not be traded because the sale option is not enabled. For these reasons, people who have made the purchase by ticket office or via web, only acquire a transaction certificate and a deposit to an electronic account without a digital wallet address.


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