We recently reported that the Yale endowment had invested in a $400 million cryptocurrency fund focused on investing in digital coins and blockchain startup companies. Now, Bloomberg is reporting that the only way Venezuelans can get a passport is through the country's new "Petro" cryptocurrency, which is backed by Venezuela's oil and mineral reserves.
This development in Venezuela could be viewed as a very real step away from Fiat currency and a very real step toward a permanent commodity-backed currency. The government has priced new passports at 2 Petros, which is the cryptocurrency equivalent to 7200 Bolivars - or four times the national monthly minimum wage. For Venezuelans that are looking to get out of the country, passports are key. The United Nations says an estimated 5,000 people are leaving Venezuela per day because of the economic collapse in the country.