Since December 2017, the attention of the press has been nailed at the first national cryptocurrency of Venezuela El Petro. However, the latest news reports do not predict the triumph of the token and call into question the plans of President Maduro to put the country “on its feet” with the help of cryptocurrency.
The official announcement of the launch of El Petro cryptocurrency supported by oil reserves took place on December 4, 2017. The President of Venezuela has repeatedly said that the launch of the national token will allow destroying the sanctions pressure from the United States, according to Bits. However, these words have not received practical confirmation so far.
The publication of the Reuters investigation in late August undermined El Petro’s credibility. The head of Venezuela has repeatedly stated that the national token has been confirmed with 5.3 billion barrels of crude oil. The agency’s journalists reported that the oil field in Ayacucho is not being developed, which means there is no oil production.
In addition, the extraction of such a volume of “black gold” will require the development of infrastructure, for which it is necessary to spend several times more than the sum of $3.3 billion that Venezuela managed to collect during the pre-sale in April of this year.
In Venezuela, “Petro” is still not in demand among the population, since the cryptocurrency is not a means of payment, according to Reuters. Citizens do not support the currency yet.
Anyone will be able to acquire tokens during the public round of sales on November 5, 2018. 100 million tokens will be sold for $60 each. In addition, according to Maduro, Petro is expected to be listed on major exchanges, but actual companies are not yet named.
As a result, after the investigation of Reuters and the absence of the actual use of El Petro in the country, the future of the national token and Maduro as president are being questioned.
