Next week, the national Venezuelan Petro cryptocurrency will go to the international market. The authorities hope that the digital asset can help to solve economic problems and to reduce inflation.
Despite the hype Petro, cryptocurrency is not popular with local residents. Venezuelans do not want to buy tokens because of concerns over the stability of the Petro. However, President Nicolas Maduro stressed the great potential of the national virtual currency, stating: “All citizens of Venezuela will be able to use Petro for international money transfers. Implementation of a National cryptocurrency plan is for 10 years. Our country will occupy leading positions in the sphere of development of the digital economy”.
Recently, Maduro said that Petro will not need mine, as the value of cryptocurrency secured by oil reserves and precious stones. In case of successful issue of a digital asset on the global market, Petro will be the first virtual currency, owned by the government. Overall it’s a pretty interesting experiment, will be interesting to watch the reaction of the cryptocurrency market and traders.
Experts note the significant increase in demand for Bitcoin and Dash in Venezuela. According to the chief Executive officer of the blockchain startups Dash of Ryan Taylor, Venezuelans are downloading from the website app to store coins DASH tens of thousands of times monthly. That is why Venezuela has surpassed Russia and China in terms of using the cryptocurrency DASH. People prefer popular cryptocurrencies, because they are more credible than Petro. Venezuelan tokens still managed to prove their competitiveness, their reliability is based solely on the words of the government and the President. Perhaps the situation will change after testing Petro in “the field”.