The money in Venezuela is getting a restructure
The controversial cryptocurrency called Petro in Venezuela will be released for global financial markets, and this will have a huge impact on the Venezuelan economy. The government of the country is planning on getting the cryptocurrency to as many people as possible in order for the cryptocurrency to gain popularity. The Petro is one of the solutions in the an efforts to rescue the financial system from total collapse through inflation. There have not been many people that have started noticing the petro cryptocurrency, as there still needs to be widespread adoption for the currency to grow.
The president of Venezuela Nicolas Maduro said in a statement that:
“All Venezuelans will have access to the Petro and through it to make international purchases. The National plain of Cryptoactives of Venezuela will last 10 years. This is going to be the epicenter of the development of a new economy in the country.”
The Venezuelan government is introducing a new kind of cryptocurrency to the population of Venezuela, among the Petro there are also other cryptocurrencies like Dash and Bitcoin that have seen some market boom in the country. Dash Group CEO Ryan Taylor thinks that cryptocurrencies have had continuous increases over the years.
He further stated that:
“We are seeing tens of thousands of wallets being downloaded from the country each month, earlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge into cryptocurrency countries right now.”
Petro will not require mining in order to provide what the country needs the currency to do. The cryptocurrency will be backed by oil reserves and precious metals.
“The Petro, Unlike other digital currencies, doesn’t need to be mined because it already has a value, it is shielded with Venezuelan oil and mining wealth.”
He also thinks that the cryptocurrency will be playing a crucial role in the development of the financial system, in order to get it back on track after fighting with inflation. The president thinks that the petro will gain acceptance rapidly to help the actualization of Governments and Economic Recovery, growth and prosperity to the people in Venezuela.
This will be the first official cryptocurrency that will be released by a government. The cryptocurrency will also be able to check if there are any irregularities of the current financial infrastructure. By taking away power from “money mafias” and possibly help the Bolivar move beneficially to the economy.
What do you think about this coming release of the Petro? Please feel free to leave a comment down below.