Users Buying XPD Receive Certificates Rather than Cryptos

It was announced that authorities in Venezuela would be selling Petro through their official website open to the public, but the date on which the sale began was pushed up one week owing to the enthusiasm of Venezuelan president, Nicolas Maduro. It was announced that users would be able to buy it using a given array of fiat currencies or any major cryptos. What happened, however, was that users discovered that they were receiving certificates that prove ownership, rather than the actual digital currency. So far there is no telling if the Venezuelan crypto actually exists.


Officials within the government along with one delegate from China proudly paraded publicly their purchases of Petro. Investors received certificates, which had various information like the user’s name, signature, and other security details which proved the lack of a private and secure key. This information is the admission price to purchase it, which is odd considering it was presumed to be an anonymous cryptocurrency much like DASH.

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The authorized Petro website has a block explorer that seems to be hardly moving. The whitepaper had mentioned that the block time would be one minute but only a little over 315 blocks are available as per the site. No more block details or even info regarding transactions are visible.

The confusing block explorer along with the certificates demonstrate that in all likelihood the Venezuelan government is gathering fiat and cryptos for XPD but actually not providing anything but an ownership certificate. Basically, now the crypto might have instead been launched as a fiat that can be printed on a piece of paper using a printer, which essentially means it is the easiest crypto in the world to counterfeit

The next step for Venezuela is XPD savings, in which users will be able to save their funds with authorities. The savings plans will be in alignment with Petro Pay. For real cryptos, payment will not be needed because the wallet will have trading features immediately. The very idea of having to go through authorities in order to use XPD to pay, as opposed to doing it themselves, could be more proof that this crypto is not real.

With all this going on, the government has released a statement saying that the first sale of Petro was successful and that now all citizens can make digital Txs using this mechanism.

1 year ago

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