The Venezuelan Government is the first to introduce its own cryptocurrency to the public
The Petro is now officially on sale for residents of Venezuela through official government portal in the country. Based on the infographic shown the Petro can now be bought at six different Governmental portals in Venezuela. The process will be overseen by the Government and will be appointed to crypto authorities called Sunacrip, of which the customer service will be handled by the head Joselit Ramirez to issues coins to the population.
Exchanges have been authorized for the purchase of the Petro
The Venezuelan government has authorized six different crypto exchanges to trade the coin on back in October, right after the coin’s release was officially announced and started trading it exclusively for fiat currencies before the sale opened to the Public. According to the Venezuelan news source Noticiero Digital, these exchanges include Afx Trade, Amberes Coin, Bancar, Cryptia, Cave Blockchain, and Criptolago.
President Nicolas Maduro previously mentioned that the official availability of the Petro cryptocurrency to the public would be on the 5th of November and that the price of the cryptocurrency will be pegged to the value of Venezuelan commodities. This is mainly its oil reserves, gold and minerals, the coin is also pre-mined and is sold by the Venezuelan government.
The Petro could face problems as it enters the economy
There have been reporting that the coin’s official Twitter account has been taken down and that the wallet that was made available for storing the Petro coin has been blocked from the Google Play store. This has brought some inconsistencies with the Petro release, however, at first, it has been claimed that the Petro would be available for purchase with Bitcoin, Ethereum, Litecoin, and Dash. But according to sources, the coin is still only available to buy through ETH, BTC and various other fiat currencies which includes the Venezuelan bolivar.
The fact that the president of Venezuela Maduro has decided to use a cryptocurrency to bid as its national currency has drawn a lot of criticism from international communities with the U.S. officials calling it a “Scam” and the white house holding American Businesses from accepting the cryptocurrency. The Venezuelan native fiat currency has suffered a devastating devaluation through rampant inflation throughout the months and years. Which will make the price of each Petro coin add up to several months of work for most Venezuelan citizens.
In a recent attempt to apparently stem the tides of emigration from the country, President Maduro has announced that passports fees will be payable exclusively with the Petro, along with installments of new police forces in order to Guard Venezuela’s borders.
These effects will go in effect on the 1 of November making a deadline for the thousands of people already facing difficulty in their efforts to leave the country. This has also exponentially increased the prices of passport fees in Bolivar in October.
However, we are in one of the most historic times of the human species and the global financial system when the power of cryptocurrencies will take over fiat currencies, through its usability and implementations. Even if the Petro delivers less to the Venezuelan people than expected, this will dramatically increase the cryptocurrency market pushing people to choose different cryptocurrencies for their needs. We are on the verge of a value revolution that will ripple throughout the global financial system.
What are your thoughts about the release of the Petro in Venezuela? Feel free to leave your comments down below.