Last chance El Petro: on the eve of a crucial stage


Loud statements of the President of Venezuela about the coming triumph of cryptocurrencies El Petro and opportunities to break the sanctions pressure of the United States with it still have not received practical confirmation.

Against this background, a number of questions arise: is there a future to the coin, whether it is presented in listings of stock exchanges and whether Maduro put the country “on its feet” with the help of Petro.

In order to understand what situation is now El Petro, we suggest to familiarize with the history of its appearance:

Petro at the moment

Despite the fact that the credibility of Peter was undermined even before the start of sales, the last straw was the publication of the Reuters investigation August 30, 2018. Reporters found that the field of Ayacucho, which allegedly stored reserves underpinning the crypto-currency is not currently being developed.

For the period of four months of investigation no evidence of the existence of the claimed Maduro 5.3 billion barrels of crude oil was found. It was also found that for extraction of a specified volume it is necessary to create appropriate infrastructure. For this country, according to experts, would require an amount significantly exceeding the amount received in the sale of tokens $3.3 billion In terms of raging hyperinflation to find such financial resources is not feasible. Presented data questioning the security of cryptocurrency.

The locals, even when there is desire to support Petro does not have the corresponding capability. According to Reuters, bitcoin is used as payment instrument. Access for local residents suffering from hyperinflation, is to work with public cetovimutti — bitcoin and Althingi, which creates conditions for the growth of their popularity in the country.

According to the resource Coindance, the number of transactions in bitcoins in the timeline as follows:

According to the latest statements made by Maduro, the opportunity to purchase cryptocurrency in the public round sales appear to want November 5, 2018. The acquisition will be available to 100 million tokens, which cost $60 each.

Recently, users have had the opportunity to see the finished version of the website coins and even download a wallet to store it in Google Play (at the time of creation of the material, for reasons unknown, the download was paused).

Earlier, the President also reported the imminent inclusion of Petro in the listing of six international exchanges of digital assets. What site will accept cryptocurrency into their ranks, he said.

Also from the government of Venezuela was followed by the announcement that from November 1, 2018, the possibility of payment of fees for the issuance of passports will be charged only in Petro.


Thus, President Maduro was literally squeezed into a corner: on the background of revelations from Reuters it is no longer entitled to error.

November promises to be a decisive point about the possibility of output of Petro in the field of practical activity. In the event of another failure, the President risks completely discredit themselves and promoted them to the cryptocurrency.

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