Venezuela - future of crypto?

[RoyalGirl]

The petro is designed to raise hard currency and to function as a payment method for foreign suppliers now that most transactions have been stymied by financial sanctions imposed by Washington last year. But some analysts see the petro as a desperate move to secure cash amid an unprecedented economic meltdown brought about by Maduro’s socialist policies. Venezuelans are now suffering from widespread food shortages, hyperinflation that could hit 13,000% this year according to the International Monetary Fund, and the collapse of the traditional currency, the bolívar.

[MDPK]

Maduro described the petro as a currency “that can take on Superman”. Claims followed that the digital tokens raised $735 million in its first day of release. But this did not stop the IMF projecting Venezuela’s 2018 inflation at 1,000,000% in July. Teunis Brosens, economist for global markets at ING, says: “It’s really strange to call it a cryptocurrency as the Venezuelan government is doing. It’s not really a cryptocurrency.” He explains: “A cryptocurrency proper is decentralised so it doesn’t sit well with a country and central bank issuing a cryptocurrency.”

[TopaNN]

Venezuela began implementing Petro into commercial operations at the end of October so that the state-issued cryptocurrency could be used to pay for goods and services within the country. However, the Petro can be purchased only on the official website of the project, or at public offices, as it has neither wallet nor an active market. According to Cryptocompare data, it is not traded on any exchange as of the time of writing.
As the efforts aimed at promoting El Petro adoption has been futile thus far, the government has decided to force it on Venezuela’s citizens in the form of converting pensions into Petro without the consent of the pension holders. This came as a shock as older adults were counting days to receive this money and now they cannot make heads or tails of what is actually going on and how to get their Bolivars instead of some vague digital currency.

[ardhanimaul]

cryptocurrencies in Venezuela haven't been boosted solely by crypto groups, but also by the Venezuelan government itself — despite the hard line it had initially taken on Bitcoin miners. Given the economic meltdown the nation was going through, and given that cryptocurrency had already enjoyed such an impressive ascendancy in the preceding months and years, the government announced in early December 2017 that it would issue its own oil-backed cryptocurrency, the Petro. While the Petro has been dissected and denounced by crypto experts and the Venezuelan opposition alike, it has at least had the inadvertent effect of providing a more favorable environment for non-centralized coins to flourish.

[GasX]

It will be an instrument for Venezuela’s economic stability and financial independence”, promises a white paper published by the country’s government last month. Venezuela, the issuer of the world’s least stable currency, proposes to issue its most trustworthy in the form of the petro, a “sovereign crypto asset backed by oil”. A private sale of this promising new asset started in February. The government plans to offer it to the public on March 20th.

[Dandr]

Exactly. It will take time for average Joe, to learn how to use crypto. It will happen, as nobody knew how to drive a car, when first models appeared, but now, everybody knows. Crypto adoption will go the same path.

I have the same opinion, my friend, we are in the black, as long as all these changes have a good impact on our work and our world.

[Boy]

Do you even know what that means? If we're really going to do this, then what's the point of doing it at all?

[Tristanerus]

I think they're  still under development of using crypto to their country because as what you had stated some parts of venezuela doesn't  have know what is petro all about.

[dashik704]

It does not seem that Venezuela has done anything fundamental, unfortunately they cannot even master the application of this technology, so this is a dead end country for the development of cryptocurrency!

[Paglamon]

Venezuela, i wish crypto not death in the global trade or Worth. More wish want crypto everything is awesome.         

[alyanov]

Venezuela’s cryptocurrency market is on the rise. The Maduro regime has been tightening controls on the economy and continues to reject humanitarian aid from any sources outside the country—a tactic to strengthen its political power. However, cryptocurrency technology is enabling a form of external aid through peer-to-peer cash mechanisms. Family members are sending cryptocurrency-based remittances directly to the recipient saving fee costs and time. People living abroad are donating cryptocurrency to domestic non-profit organizations to buy and distribute food within the country.

[AquaX]

Launched in February 2018, the oil-backed cryptocurrency Petro was developed by the Venezuelan government to evade U.S. and European economic sanctions amid the deepening political crisis. After launch, the controversial token was offered to several countries as an option for purchasing Venezuela oil at a discount, a move which all parties understandably denied. Now, the country is pegging the Petro as a monetary unit and even aims to pay salaries and provide pensions with the cryptocurrency.

[Alcor]

Now in Venezuela political, economic, humanitarian and other crises. President Maduro is fighting to keep in power, and is fighting, killing competitors and ravaging the country. The people are leaving Venezuela en masse. Therefore, it is very difficult to say what will happen next with their El-Petro.

[Tasha8]

Petro is the first state cryptocurrency and a successful move of the government. On it Venezuela has already earned hundreds of millions of dollars. Maybe this will help the country better cope with the crisis.

[hyipmentor]

i think yes!petro is first state approved crypto and currently in venuezuella having economic and political crisis.cryptpo can help them to overcome situation