A Venezuelan worker who was injured in her work will be compensated in Petros or the equivalent, the Supreme Tribunal of Justice, the country’s highest court has ruled. The recent ruling is an indicator that the country’s Supreme Court recognizes the national Cryptocurrency as a legal. The oil-rich country has launched a Petro saving program for the local population.
Venezuelan Supreme Court’s Petro Payment Order
On Friday, local media reported that the Supreme Tribunal of Justice of Venezuela (TSJ) has ruled that the National Institute of Agriculture Research (INIA) should compensate a worker in Petros or the equivalent. María Elena Matos, a Venezuelan national sustained some injuries while working with INIA, which operates under the Ministry of Agriculture. The TSJ is the highest court in Venezuela and is also the head of the judiciary branch.
According to Efe publication, María Elena Matos was eventually verified disabled. The TSJ condemned the act INIA and ordered the institution to pay the complainant an equivalent of 266 Petros. This is the first ruling of its kind in a country that became the first one to launch a national Cryptocurrency at the beginning of this year.
On the same day, the TSJ made a second announcement on the need to promote the country’s national Cryptocurrency, Petro. The court said the implementation of the decree will warranty an effective judicial protection. Besides, it will streamline compensation for moral damage by preserving the value of the amounts set.
Petro Vs. Sovereign Bolivars
Due to the high inflation in Venezuela, the government has in the recent past introduced various changes to redeem the country’s financial system. The government introduced sovereign bolivar (Bs.S) as the old bolivar had become almost worthless. After the introduction of Petro, President Maduro said in August that one Petro will be worth 3,600 Bs.S.
Government Commences A Petro Savings Plan
The government inaugurated a Petro savings program on Monday. While speaking during the event, the country’s vice president of economy Tareck El Aissami said that the plan will enable the locals to get the national Cryptocurrency and save through a certificate.
El Universal quoted Aissami saying that the service will only be available on the digital portal and only those with national identity cards will access the service. The locals can purchase the Petros in sovereign bolivars. Given that the country has over 18 million cardholders, it is clear that the saving plan will be accessible to over half of the local population.
The government is serious on this project and wants it to be executed as soon as possible. The saving plan will be implemented in different phases. Last week, President Maduro said that in the first phase, the government will provide 4 million Petros (around $240 million or 14.4 billion sovereign bolivars). The government has said that the plan will be composed of quarterly amortization. The final payment can be made between 90, 180, or even 270 days.
The digital platform will be open for saving services from Monday to Saturday between 0600hrs and 2259hrs local time. According to the website, early redemption will attract a fined of 0.1. The minimum buy fraction is 0.01 (38.95 Bs.S).