The Superintendency of Cryptoassets and Related Activities (Sunacrip) set up a working group on December 3 to work on the Executive’s plans to launch a public policy on accounting records using the cryptocurrency Petro. Venezuelan President Nicolás Maduro’s initiative will oblige all natural and legal persons to declare their accounting records in both Bolivars and Petros. The Sunacrip will be required to publish the commensurate regulation before January 19, 2020.

Sunacrip head Joselit Ramirez met with representatives from the Venezuelan Federation of Public Accountants (FVCP, for its acronym in Spanish) to outline the accounting policy on cryptoassets. “I appreciate FVCP’s willingness. The initiative is going to be a success,” announced Ramirez.

The measure was originally announced by Nicolás Maduro on November 7 and reflects his aim to encourage the use of the Petro cryptocurrency to sidestep the effects of the economic sanctions imposed by the United States. In addition, boosting digital payment means reduces the demand for cash in a severely hyperinflated economy.