🪙The Sovereign Cryptoasset PETRO

The "Petro".

Legal Basis: Article 5. The Venezuelan cryptocurrency "PETRO" is a sovereign cryptoasset, backed and issued by the Bolivarian Republic of Venezuela on a federated blockchain platform, exchangeable for goods and services, and for fiat money of national and international "exchanges". Its launch seeks to promote an independent, transparent and open digital economy for the direct participation of citizens, based on its mineral and hydrocarbon wealth. The Petro is a novel alternative financial mechanism to the traditional financial system, favoring the growth of a new economic ecosystem based on trust, integrity, transparency, efficiency and speed guaranteed by blockchain technology, in its three dimensions as an exchange, savings and investment instrument, and as a technological platform.

Constituent Decree on Cryptoassets and the Sovereign Petro Cryptocurrency, dated April 9, 2018, published in the Official Gazette of the Bolivarian Republic of Venezuela No. 6.370 Extraordinary.

The Sovereign Cryptoasset Petro can be used for the payment of goods, services and taxes, as provided by Decree No. 4,096. Use of the Sovereign Cryptoasset Petro for the payment of goods and services, such as:

1. Purchase of Oil

2. Purchase of Aviation Gasoline

3. Purchase of Iron in Briquettes

4. Foreign Currency Liability for Taxes, Contributions, Fees, Commissions, Surcharges and Public Prices

5. Payment of taxes:

• (SAPI) (SAREN).

• (SAIME)

• National Institute of Canals (INC)

• Services Provided by Bolivariana de Puertos (BOLIPUERTOS, S.A.)

• Services Provided by the National Institute of Aquatic Spaces (INEA).

• Sale of Goods and Services to Foreign Countries, must charge at least fifteen percent (15%)

Decree No. 4,096, which provides for the liquidation, sale and payment of services in Sovereign Cryptoassets Petro (PTR), as specified therein. Published in the Official Gazette of the Bolivarian Republic of Venezuela No. 41,800, dated January 15, 2020.

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