Petro Cryptocurrency Is Finally Accessible But Skepticism Of Venezuelans Remains

Venezuela is facing a political and economic crisis that is crippling into the population making them poorer by the day. President Maduro’s government introduced the Petro cryptocurrency after the collapse of the national currency, Bolivar, to overturn the declining economy. However, not much has changed in terms of development since which raises the suspicion of the Venezuelans on the use of petro as a national cryptocurrency.

Recent reports in the country revealed there exist ways to purchase the petro – but it involves a centralized system.

After raising the value of petro twice already in the year, Venezuelans are growing more doubtful of the project. The project was first announced that it will be launched on the Ethereum platform but was later reported to be the NEM platform in early 2018. The actual announcement in October 2018 revealed the oil-backed token will be launched as a copy of Dash. However, report on petro posted on Steemit last week revealed petro was a

“bad copy of Dash.”

Is Petro A Money Laundering Scheme?

There have been several reports that have sufficed alleging that a petro cryptocurrency is a tool for money laundering in the Venezuelan government. A well documented 4-page analysis of the Petro blockchain written by a Latin American investment house shows serious signs of money laundering using US dollars and other irregularities. This explains the US government actions in blocking the use of petro in the country. The report further states that the research is conclusive on eight accounts of money laundering using Petro.

Petro Access Improves As Skepticism Among Venezuelans Increase

The government is pushing for the adoption of Petro through exchanges that allow citizens to purchase the crypto using Bitcoin (BTC) and Litecoin (LTC). The trading platform is further described as a bad copy of UK based trading platform Uphold by the author of the report. However, to purchase petro on the platform you will need identification documents from the government.

Users with bolivar can also purchase petro from Sunacrip (National Superintendence of Crypto Assets and Related Activities) in Caracas. Similar procedures to the exchange method will be applied as investors are asked for their personal details. The average price of petro today stands at 14,665,500 bolivars ($59 USD) with the commission set at roughly $0.40 USD per trade made.

Sunacrip maintains its stance as a legal entity promoting the adoption of the first ever sovereign cryptocurrency.

“It has been issued by the Bolivarian Republic of Venezuela with real support in wealth and commensurate goods,”

explains the Sunacrip website.

However, reports on petro from Peroza show that the Sunacrip platform is a centralization motive to collect taxes from the people. A law passed in the National Assembly Madurista shows that the platform was established to facilitate the collection of taxes of petro.

The views and opinions expressed in the article Petro Cryptocurrency is Finally Available but Skepticism of Venezuela’s People Remains do not reflect that of nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.

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