Last month, Venezuela became the first country that issued its own cryptocurrency Petro, which is supposedly supported by the oil reserves in the country. Now Petro can be purchased for any service, other than the dollar.
In his address on national TV last Thursday, Venezuelan President Nicolas Maduro said:
“Starting March 23, all legal and physical persons will be able to buy Petro for convertible currencies: rubles, yuan, Turkish Lira and the Euro”.
President Maduro also stated that these currencies are the “economic future of the planet.”
It is noteworthy that Petro is not available for purchase in Venezuelan Bolivar.
Fiat is not the only way to buy Petro. Questionable cryptocurrency is also available for purchase in Bitcoin, Ethereum and NEM.
However, the purpose of buying Venezuelan cryptocurrencies that are not yet extracted oil remains a mystery. According to information tokens Petro, except payment of state taxes in Venezuela, good for nothing, and this means that most of those who buy cryptocurrency is not actually can use it.
Despite this, Carlos Vargas, superintendent of Venezuela by cryptocurrency and related activities, said earlier this month that 83 000 people from 127 countries have acquired a cryptocurrency Petro. President Maduro also claimed that prisel Petro has collected 5 billion.
South American country, which is currently experiencing hyperinflation, food shortages, fast rising unemployment and where there are massive violations of human rights, hopes that with the help of Petro will be able to bypass economic sanctions imposed by the United States. President Maduro called the sanctions “economic war” and claims that Petro will help Venezuela “in matters of monetary sovereignty, financial transactions and overcome financial blockade.”
The US President Donald trump has signed a decree, which prohibits us citizens to invest in the cryptocurrency produced by the government of Venezuela and instructed the Minister of Finance Steven Mnuchin to prepare the necessary regulations to bring the decree into execution.