Government Opinion

The Venezuelan Presidency is less focused on Petro and backs Bitcoin

In Venezuela the Blockchain technology is under scrutiny

The president of the Venezuela Nicolas Maduro is in a fight in order to continue as president and relinquish power to suppose president-elect Juan Guaidó. It is said that Guaidó is less focused on Petro but backs Bitcoin.

According to the Venezuelan crypto community, most are happy to see bitcoin being more responsed to than the Petro cryptocurrency.

Guaido has made a self-proclamation as being the new president which has seen him being recognized by many. This includes the United States along with the United Kingdom.

There are lots of people hoping to see a president that has been outspoken about Bitcoin in the coming years. This is due to new government models that are being developed.

A new Bitcoin Exchange that goes by the name Plataforma Sur Bitcoin was announced back in 2014 in August. This was the first exchange that allowed Venezuelans to buy Bitcoin Using Bolivars.

Guaidó is less focused on Petro

Guaidó has been serving as the president of the National Assembly of Venezuela since the 5th of January 2019 and is not a big enthusiast of the Petro.

The Cryptocurrency Bitcoin has been at work in the country especially in areas that are severely under hyperinflation pressuring the Economy over the last few years.

The Venezuelan ‘Petro’ has now become the country’s National Cryptocurrency. There are currently more people who see these cryptocurrencies as a legitimised panacea for the Venezuelan financial system, as stated by the president Maduro.

Some are in the opinion that if the present Maduro should hand over leadership, this could make bitcoin transactions soar friendly with other leaders as well.

Maduro still has the power of the Venezuelan Military forces supporting him with countries like Mexico, China, Russia and Turkey support the regime.

However, Russia has stated that if Guaido should be continuing as president, this can also go against Violations of International Laws.


My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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