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Venezuela Launches Plan To Save Petro

The crypto was launched to save the faltering economy.


 

Desperate Venezuela Seeks To Strengthen The Petro

Troubled Venezuela has launched a new plan dubbed as saving the Petro. Under the plan, residents will be able to invest their money in the cryptocurrency. They will get a certificate in the process.

The savings initiative is contained in the crypto asset plan that is being spearheaded by the troubled government. The state targets availing about four million Petros which represents 14,000 million bolivars in the local currency. In dollars, the amount is equivalent to $240 million.

The state has developed the Plataforma online platform that will host the savings plan. Reports indicate that it is open to about 18 million citizens. Residents will only be required to provide their identity cards to access the platform. As a means of gaining maximum returns, locals will have to invest in the sovereign bolivar.

According to the country's vice chair in charge of the economy, Tareck El Aissami, the savings will be split into quarterly basis and final remittance to be carried out on different days. The whole initiative is tailored to safeguard the value of the investment.

He pointed out that we have a method that will be used to maintain the bolivar’s value.

Per Aissami, added that the minimum amount of Petros that can be bought is 0.01 or 39 bolivars.

An earlier announcement from the government indicated that the Petro will go live for sale from November 5. Interested parties can buy the crypto through other cryptos like bitcoin.

For months now, Venezuela has been campaigning for the adoption of the Petro which has been backed by the country’s oil reserves. Already, a number of initiatives have been put in place to push for the adoption. Locals are required to pay passport charges through the Petro. Additionally, all local banks have been ordered to use the Petro.

As it appears, the crypto looks like a duplicate of Dash. The local fiat currency is pegged to the currency. Analyzing the white paper, one can tell that the mining protocol has similar features to that of Dash. In other words, the document was lifted from Dash.

Before releasing the Petro, the government stated that all exports should be paid through the currency. President Nicolas Maduro called on state-backed companies to accept payments in Petro.

The Petro was launched as a means of rescuing the country’s economy which has been on a long downward trend. Inflation rates have hit catastrophic figures with millions of residents opting to emigrate.

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