As some parts of the world seem to crack down on cryptocurrencies (and cause fear, uncertainty and doubt to spread rampant throughout investors), other countries are embracing the technology with open arms.
Venezuela President Nicolas Maduro has ordered various government services to accept it’s own oil-backed crypto coin the Petro, as well as any other cryptos.
I order the payment of consular services in all embassies and consulates of the Bolivarian Republic of Venezuela in the world, [and] all consular services in the country, in the petro currency or in any cryptocurrency.
The National Association of Airlines will be allowed to pay for fuel and services in cryptos, as well as border gas stations. News outlets say it will help cut down on smuggling of gasoline at the borders.
Venezuela has also announced a new coin it is launching, this time backed by gold instead of oil and media pundits are saying it is another desperate play by Maduro as the traditional currency is failing.