Reuters: the cryptocurrency Petro does not actually exist

Reuters: the cryptocurrency Petro does not actually exist


Experts from the Reuters news agency prepared a report according to which the Venezuelan crypto coin is a fake asset. For four months, analysts were engaged in their research, trying to determine the true value of El Petro. Experts came to the conclusion that no one started to engage in oil production at the field, which was declared as a material security for the token.

Petro was officially launched in December 2017. According to President Nicolas Maduro, through PTR sales, the authorities managed to raise $ 3.3 billion from foreign investors, and the cryptocurrency is used to pay for imports.

At the same time, the Minister of Science and Technology, Hugbel Roa taking part in this project, told Reuters that the technology of cryptocurrency is still under development, and nobody can use Petro for now.

Analysts also noted that none of the investors were interested in buying Venezuelan cryptocurrency, and many retail outlets simply do not accept the token as a means of payment.

Also, the authorities of the Latin American country still have not disclosed the algorithm for promoting a digital coin on the global market.

Indeed, many representatives of the community are not going to recognize Petro as a cryptocurrency and even more so to use it. For example, in the opinion of Randy Brito, the head of the Bitcoin Venezuela nonprofit, the token issued by the Venezuelan authorities is simply “a beautiful bolivar.”

The crypto enthusiast doubts that Petro, for example, will be used as an alternative monetary unit for paying salaries to employees of the state oil company PDVSA. Earlier such promises were voiced by local officials.

“Petro, in my opinion, is just a beautiful bolivar. This is a promissory note issued by the government, which twice had to hold a denomination in less than 10 years, trying to contain inflation, which from the very same feeds,” the expert said.

He also believes that the Venezuelan authorities can release as much Petro as they please. How it happened with the constantly depreciating bolivar.

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