Yesterday, January 23, in Venezuela, began mass protests against the second term of President Nicolas Maduro, during which the leader of the opposition and the speaker of Parliament Joan Guido declared himself acting President of the country. Guide not only opposes a national cryptocurrency El Petro, considering it as a political tool for “cheating the people” but is also a supporter of Bitcoin since 2014.
The speaker of the National Assembly and the opposition leader of Venezuela Juan Guido declared himself interim President of Venezuela during one of the large-scale demonstrations in Caracas. The policy was supported by the citizens, and the legitimacy of Guido recognized by the President of the United States Donald trump, the leaders of the countries of Latin America (Brazil, Colombia, Ecuador, Peru, Paraguay, Chile, Argentina, Costa Rica and Guatemala) and Canada.
Guido, said that longstanding economic crisis Venezuela is a direct consequence of the actions of the “usurper” Maduro. According to Guido expressed in the Twitter, national cryptocurrency Petro is nothing but a tool of the Maduro regime so that they can continue to extort from the citizens the money.
Cryptocurrency Petro allegedly secured Venezuelan oil reserves, have not had a positive impact on the economy of the country, even after the denomination of sovereign Bolivar and bind it to the rate of Petro.
In October 2018, just after the legalization of Petro in Venezuela, the U.S. government has imposed against this cryptocurrency sanctions aimed at restricting the circulation of Petro and ban support the controversial cryptocurrency to bypass existing economic sanctions. In light of recent events and the possible overthrow of Maduro, Petro has all chances to join the list of hundreds of other dead triptocaine.
Meanwhile, the prospects to obtain official approval from the new government have Bitcoin. So, in 2014, a new self-proclaimed President of Venezuela urged citizens to use Bitcoin to protect from inflation of the Bolivar, and even alerted the countrymen about opening the country’s first cryptocurrency exchange.