Venezuela was first country in world to introduce its own version of a digital currency, so-called Petro. The advance sale for first 38.4 million units started on Tuesday, a total of Venezuela wants to spend 100 million petros. The safeguarding of natural resources is intended to give stability and confidence to currency – while Venezuela has largest oil reserves in world, it has been in a dire economic situation for years.
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Vice-President Tareck El Aissami said, “The Petro was born. Today is a historic day. ” But first step is attempt by a country to create low price of oil, which is hard hit by US sanctions, to revive its own economy and to circumvent sanctions imposed by United States. The government of President Nicolás Maduro also promises access to international financial markets.
USA warn before buying Petro
The reference price for a petro is current price for a barrel of oil, which is currently around 60 dollars. On weekend, Carlos Vargas, Kryptowährungsaufseher of country, said that Petro would attract investors from Qatar, Turkey and or Middle Eastern countries. “Europeans and Americans will also participate.”
The US, however, warns against buying Petros. This was a violation of US sanctions because it was a loan for Venezuelan government. The punitive measures tightened in summer of 2017 by US President Donald Trump prohibit, among or things, investment in newly issued bonds of country or state oil company PDVSA.
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Maduro sees Venezuelan bitcoin as a decisive step towards goal of its predecessor, Hugo Chávez, to end dominance of US dollar and Wall Street in capitalist economic system. In December, he spoke of a “financial war” that United States and its allies had instigated against Socialists.
Venezuelans use today Bitcoins
Critics, however, have to bear in mind that Petros can only be bought in dollars so far. The Venezuelan currency Bolívar has dramatically lost its value in face of a four-digit inflation rate.
Some users of Bitcoin are also opposed to possibility that individual States introduce crypto, which were actually introduced to circumvent state control. The Venezuelan and Venezuelans already use many Bitcoins and or digital currencies, for example for visits to doctors or travel. They deal with devalued Bolívar and dollars that y can only get on black market.
Inflation is difficult for population suffering from food shortages. Over past year, opposition has repeatedly mobilized mass protests against Maduro, which it accuses of building a dictatorship, mismanagement and corruption. More than 100 people were killed. The protection of petro with oil reserves criticizes it as illegal.
