We have recently been spectators of the issue of Petro, the Venezuelan state cryptocurrency.
In the speech delivered on August 20 by the president of Venezuela, Nicolás Maduro, he presented the new state cryptocurrency as the savior of Venezuela's foreign trade with other countries, and that would improve the wages of workers and the economy of the country.
This new state cryptocurrency was issued along with the new currency, the Sovereign Bolivar. The value of the Petro was set at $ 60 and at 3600 Sovereign Bolivars and the issuance of these new currencies have devalued the country's economy by 96%.
In the new news that the magazine Wired brings to us, it is alerted of a new fraud by the Government of Venezuela because it had been promised that the economy of the country would improve with these changes but finally it was announced that the state oil company that supports the value of Petro, PDVSA, has debts of $ 45 billion dollars that it will hardly be able to pay.
This shows that the issue of Petro is a failed promise by Nicolás Maduro that does nothing but distract with different initiatives that are not going to help improve the situation of Venezuelans.
Although the idea of issuing a state cryptocurrency backed by the wealth of a country is a good initiative to modernize the economy, in the case of Venezuela is being a failure to discover that such support by the state oil company will not be possible due to the large debts accumulated by the company.
Source of information:
cointelegraph.com
