Venezuela's National Constituent Assembly has approved a Presidential Decree allowing the use of cryptocurrencies and validating its national cryptocurrency, the Petro (PTR), as the impoverished country's new "oil-backed" currency. Venezuela is the first country to create a state-backed cryptocurrency.
The pro-government Assembly (ANC) has approved the draft Constituent Decree on Cryptoassets and the Petro, which was presented by Vice President Tareck El Aissami last week.
"We are making history with the approval of the Decree on Cryptoassets and the Cryptocurrency El Petro. Nothing can stop the impulse of our country," said Venezuela's Superintendent of Cryptocurrency.
The decree says President Nicolas Maduro will have the power to "regulate the issuance, organization, and operation of the Petro," Sputnik News reported.
Last month, the Opposition-controlled Venezuelan National Assembly had declared Petro as illegitimate. The House passed a resolution saying that it believes the Petro is unconstitutional, and denounced the project as fraud, and a threat to potential investors.
But with the passage of the decree by the Constituent Assembly, the National Assembly's decision becomes irrelevant.
The National Assembly's stand is not expected to have any influence on the government, as the Constitutuent Assembly, which is loyal to Maduro, had stripped the former of its legislative powers.
Major Opposition parties have called to boycott the Presidential election in May, saying the electoral system was rigged in favor of the President. The decision paves the path for Maduro's easy re-election, and consolidation of power, political analysts say.
Maduro launched the pre-sale of Petro on February 20 to ease the country's economic crisis, and circumvent U.S.-led sanctions.
The Venezuelan Government claimed its oil-backed cryptocurrency raised $30 billion in the first week of its pre-sale, and that it evoked overwhelming response from as many as 127 countries.
But the Opposition lawmakers lashed out against the sale, which, according to them, is simply a symptom of the country's ongoing political crisis.
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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.