El Petro's last chance: on the threshold of a decisive stage

El Petro's last chance: on the threshold of a decisive stage16.10.2018


El Petro's last chance: on the threshold of a decisive stage

The loud statements of the President of Venezuela about the upcoming triumph of El Petro cryptocurrency and the possibilities to destroy the US sanctions pressure with its help have not yet received practical confirmation.

Against this currency, several questions arise: is there a future for the coin, will it be presented in the stock exchanges and can Maduro be able to put the country “on its feet” with the help of Petro.

Petro at the moment

Even though trust in Petro was undermined long before the start of sales, the last straw was the publication of the Reuters investigation of August 30, 2018. The journalists found that the Ayacucho field, which allegedly stores reserves that support cryptocurrency, is currently left behind, not under development.

During the four months of the investigation, no evidence of the existence of 5.3 billion barrels of crude oil declared by Maduro was found. It was also found that for the extraction of the specified volume it is necessary to create the appropriate infrastructure. For this, according to experts, the country will need an amount that exceeds the $ 3.3 billion received during the sale of tokens. In the conditions of raging hyperinflation, it is almost impossible to find such monetary resources. The presented data cast doubt on the security of cryptocurrency.

The locals, even if they are willing to support Petro, do not have the appropriate opportunity. According to Reuters, cryptocurrency is not used as a payment instrument. The way out for locals who suffer from hyperinflation is working with public credit currencies - Bitcoin and Altcoins, which creates conditions for their popularity in the country to grow.

According to the latest statements by Maduro, the opportunity to purchase cryptocurrency during a public round of sales will be available to those who wish on November 5, 2018. To the acquisition will be available 100 million tokens, worth $ 60 each.

Recently, end users had the opportunity to see the finished version of the website of the coin and even download the wallet for storing it on Google Play (at the time of creating the material, for unknown reasons, the possibility of downloading was suspended).

Earlier, the president also reported on the imminent inclusion of Petro in the listing of six international digital asset exchanges. Which sites will accept cryptocurrency in their ranks, he did not specify.

Also, on the part of the Venezuelan government was the announcement that from November 1, 2018 the possibility of paying fees for the issuance of foreign passports will be charged exclusively to Petro.

Summing up

Thus, President Maduro was literally squeezed into a corner: amid the exposure of Reuters, he no longer has the right to make a mistake.

November promises to be a decisive point in the matter of the possibility of putting Petro into the field of practical activities. In the event of another failure, the president risks completely discrediting himself and the cryptocurrency he is promoting.

Back to articles