Off the wire
• Weather forecast for major Chinese cities, regions -- May 9  • Maintaining healthy, stable development of Sino-US trade ties in global interest: FM spokesperson  • Prime Minister Keith Rowley of Trinidad and Tobago to visit China next week  • China calls for joint efforts to promote healthy Sino-U.S. trade ties  • DPP administration bears full responsibility for Taiwan not being invited to WHA: FM spokesperson  • Peony exports of China's "city of peonies" hit 2.7 mln USD in 2017  • Legendary Chinese art connoisseur celebrated in Beijing  • Carlos Alvarado sworn in as president of Costa Rica  • Namibia continues with energy saving campaign to eliminate inefficient bulbs  • Ireland sales of new vehicles down, but used ones up in 1st 4 months  
You are here: 　

Maduro creates Venezuela's first Petro special economic zone

Xinhua,May 11, 2018 Adjust font size:

CARACAS, May 10 (Xinhua) -- Venezuela's Margarita Island will be the country's first special economic zone (SEZ) to use the national cryptocurrency, the Petro, President Nicolas Maduro said on Thursday.

Maduro said he signed a presidential decree making duty-free Margarita Island, in northeast Nueva Esparta state, a "special economic zone for the use of the Petro as a currency for purchases, for exchanges within the free zone."

The president, who is hoping to be reelected on May 20, announced the news at a campaign stop in Nueva Esparta.

Earlier this year, Venezuela launched the first cryptocurrency in the world to be backed by a nation's natural resources in a bid to overcome U.S.-imposed sanctions that cut off its access to capital markets.

The oil- and mineral-backed Petro has generated millions of dollars, according to the government. Enditem

 

Related News & Photos