{"id":87498,"date":"2018-10-06T08:00:31","date_gmt":"2018-10-06T15:00:31","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=87498"},"modified":"2018-10-07T19:54:13","modified_gmt":"2018-10-08T02:54:13","slug":"crypto-will-soon-be-the-only-option-for-venezuelans-looking-to-buy-a-passport","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/crypto-will-soon-be-the-only-option-for-venezuelans-looking-to-buy-a-passport\/","title":{"rendered":"Crypto Will Soon be the Only Option for Venezuelans Looking to Buy a Passport"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The thousands of people trying to get out of Venezuela will soon have another hurdle in their path: the inability to buy a passport without enough of the country\u2019s new cryptocurrency Petro.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Thousands Trying to Leave<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">The economic crisis that led to the Petro\u2019s creation has caused an estimated 5,000 people per day to leave Venezuela, according to <a href=\"http:\/\/www.unhcr.org\/admin\/hcspeeches\/5bb1d07f4\/opening-statement-69th-session-executive-committee-high-commissioners-programme.html\"><span class=\"s2\">data from the United Nations<\/span><\/a> Refugee Agency, and the country\u2019s government has just announced passport fees will only be payable in the state-backed cryptocurrency. <\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Venezuela?src=hash&ref_src=twsrc%5Etfw\">#Venezuela<\/a> creates migration police, new passport payment system <a href=\"https:\/\/t.co\/p8d6KaXphc\">https:\/\/t.co\/p8d6KaXphc<\/a> <a href=\"https:\/\/t.co\/V5miTHlezS\">pic.twitter.com\/V5miTHlezS<\/a><\/p>\n<p>&mdash; Reuters Venezuela (@ReutersVzla) <a href=\"https:\/\/twitter.com\/ReutersVzla\/status\/1048280672434106369?ref_src=twsrc%5Etfw\">October 5, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">The Venezuelan government announced the change on Friday, along with the creation of a new migration police force, according to Reuters. Venezuelan Vice-President Delcy Rodriguez reportedly provided no reason for the creation of the new police force. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">New passports for Venezuelan residents will cost two Petros, which comes out to 7,200 bolivars, Venezuela\u2019s native fiat currency. That\u2019s equivalent to <a href=\"https:\/\/www.bloomberg.com\/amp\/news\/articles\/2018-10-05\/crypto-now-the-only-way-isolated-venezuelans-can-buy-passports?__twitter_impression=true\"><span class=\"s2\">four times the national monthly minimum wage<\/span><\/a>, according to Bloomberg. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">This presents another major barrier to residents <a href=\"https:\/\/www.reuters.com\/article\/us-apple-greenlight-stake\/despondent-musks-tesla-resembles-lehman-greenlights-einhorn-says-idUSKCN1MF27C\"><span class=\"s2\">hoping to escape<\/span><\/a> the country\u2019s rampant inflation and political corruption, in addition to the scarcity of official documentation and a dearth of airlines serving the country. Reuters states in their report:<\/span><\/p>\n<blockquote>\n<p class=\"p1\"><span class=\"s1\">\u201cSome 2.6 million Venezuelans have fled the OPEC nation of 30 million, mostly to other parts of South America, according to the United Nations. Around 1.9 million have fled since 2015 as the crisis worsened under socialist President Nicolas Maduro.&#8221;<\/span><\/p>\n<\/blockquote>\n<p class=\"p1\"><span class=\"s1\">President Maduro has stated that the government will continue to pay workers salaries in bolivars until Nov.\u00a05, when the Petro goes on sale to the public. <\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Adding to the Headache<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">The Petro was released earlier this week amid much fanfare by the president\u2019s office, including the creation of a new government department to oversee cryptocurrency assets named Sunacrip. Currently, the Petro is only for sale in exchange for hard currencies and can be bought with the bolivar starting in November 2018.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">However, the bolivar has depreciated over 99 percent this year, and some estimate the country\u2019s inflation rate to be a staggering 200,000 percent. That devaluation will make it difficult for emigrating Venezuelans to scrape together enough native currency to buy the two Petros necessary to get a ticket out. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Currently, passport fees are the equivalent of a few U.S. cents, but with the shift to Petro, the fees equate to around $62 on the black market, according to Reuters. The change will reportedly take place on Nov. 1. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The thousands of people trying to get out of Venezuela will soon have another hurdle in their path: the inability to buy a passport without enough of the country\u2019s new cryptocurrency Petro. Thousands Trying to Leave The economic crisis that led to the Petro\u2019s creation has caused an estimated 5,000 people per day to leave [&hellip;]<\/p>\n","protected":false},"author":93,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto Will Soon be the Only Option for Venezuelans Looking to Buy a Passport<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/crypto-will-soon-be-the-only-option-for-venezuelans-looking-to-buy-a-passport\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Will Soon be the Only Option for Venezuelans Looking to Buy a Passport\" \/>\n<meta property=\"og:description\" content=\"The thousands of people trying to get out of Venezuela will soon have another hurdle in their path: the inability to buy a passport without enough of the country\u2019s new cryptocurrency Petro. Thousands Trying to Leave The economic crisis that led to the Petro\u2019s creation has caused an estimated 5,000 people per day to leave [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/crypto-will-soon-be-the-only-option-for-venezuelans-looking-to-buy-a-passport\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-06T15:00:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-10-08T02:54:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/11\/cryptoslate-cover.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"John Bogna\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" 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