Petro Coin Now Nationalized by Venezuela
Nicolas Maduro, the nation’s President, has announced the Petro a cryptocurrency supported by oil, will be an official unit of value by the country’s PDVSA. Additionally, Venezuela is currently researching and developing a new system enabling employee salary payment in Petro. As stated, on the 20th of August, a secondary accounting unit will be provided as part of Venezuela and dependent on how valuable the Petro is and its price.
Petro saw its debut during a pre-sale in February of this year and deployed as an attempt to draw in more international revenue to rebuild the country’s economy and bypass sanctions placed by Europe and the United States. The coin was designed to revive its crippled economy since the country’s national currency, the Bolivar has experienced incredible hyperinflation over 2018.
Since its introduction, Petro has been a center of controversy within the country and around the world. Several individuals from within the NA have officially stated that the cryptocurrency was possibly an illegal coin and its original paper failed to offer the required information and presented unethical arguments in regards to its conception. Additionally, several concerns rose through the US and resulted in an outright ban of Petro by President Donald Trump earlier this year.
Regardless of a few stating that Petro offers cheaper tax payment and settlement with national entities and can quickly and easily be exchanged in US dollars, digital currencies are looked at as an essential tool to the economy in terms of liberation with the daily struggles of Venezuela to continue surviving.
One individual, identified under a faux-name of Hector, saw 0.5 nano’s donated to him but little did he know that what was worth less than two USD at the time would eventually grow in to around $950 USD worth in digital coins and has been able to sustain his family with their necessities every day since. He spoke about the incredibly poor salaries being paid, hardly enough to cover the basic needs of one individual let alone a whole family.
The nation’s Bolivar is among the most worthless currencies around as of now. The President firmly believes that the new system introduced to pay employee salaries in crypto will bring balance to the suffering economy and enable more purchasing opportunities and control which will aid in restoring the country’s economy from its current state. As per his announcement, within two years, the country will see its economy begin to grow once again. He adds that it will revolutionize the country and introduce humanitarian thought into the new economy.
Venezuela’s central bank will also update prices of the Bolivar and Petro on a consistent live feed and a full review and explanation of the new system will be released on the 20th of August.