Venezuelan President Nicolas Maduro has launched what is hoped to be global financial tool -- El Petro, a cryptocurrency. El Petro, will have oil-based support; that is, one Petro equals one barrel of oil.
According to the president, "Petro is purchased through direct assignments and auctions, which means that the virtual currency is only for people with direct connections in this governmental platform, a bit similar to the sale / purchase of dollars. source
David Osio, CEO of Davos Financial Group, warns that even though the new monetary instrument presented by President Maduro has concrete advantages over Bitcoin, "for investors there are doubts and reservations about the technical capacity of the team" that Petro will implement.
The following considerations seem to support the support the alleged concerns of investors.
First, since mid-2015 the government has been "dismantling" Bitcoin mining operations. For several years the Bolivarian government had persecuted hundreds of cases of people imprisoned for cryptocurrency mining. Suddenly, it is announced that they have established what I call "mining farms of oil cryptocurrencies", which is a youth plan that has registered a total of 860,811 young people, of which 300,000 are already in productive tasks. Why now, from one night to the next morning do we have these changes in favor of cryptocurrencies?
A government cryptocurrency will not work in this country, for at least two reasons.
One important reason is the lack of the necessary infrastructure. Here are examples of the infrastructure problems:
• The quality of the internet is terrible throughout the country, it is very slow and has constant failures,
• Despite being very cheap, the electric expensive.service is decadent and has constant failure.,
• In the country there is no infrastructure or modern equipment for mining.
• And the costs of electronic equipment are extremely
A second reason involves the people who will be the government miners, according to a recent announcement.
These people are members of the "communes". Typically, the communes are concentrations of the most ignorant and marginalized sector of the country. Thus, in the communes it will be difficult to find people with the knowledge and skills to be cryptocurrency miners. source
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