To hear Venezuela’s President Nicolas Maduro tell it, the Petro coin will be a game-changer for his country.
In fact, he just announced the coin would go on public sale this November 2018.
A website was just created for it. Even a wallet is available on Google Play. And, according to Maduro, all oil purchases will be paid with Petro.
“The Petro, unlike other digital currencies, doesn’t need to be mined because it already has a value, it is shielded with Venezuelan oil and mining wealth,” says Maduro. “All Venezuelans will have access to the Petro and through it to make international purchases.
Venezuela’s Petro will be available on six international exchanges this Month
However, it’s not clear what exchanges he’s referring too, especially as many of them label the coin as a scam.
Right now, the petro can’t be found on any major bitcoin exchange, including Coinbase or Bitfinex. It’s not accepted by retailers.
Unfortunately, while some consider it a great way to use technology to create resource-based assets, others consider it another scam.
Despite the many claims of the government, many traders simply don’t believe the coin exists. They believe it’s just a stunt to cover the abysmal failures of the government. In any case, we’ll soon discover if it’s real or not when — or if — the coin is launched in November.
Looking to the Future
The Venezuelan dictatorship has a brighter side to it.
In fact, the future of this country is shifting to an economy that draws it power from blockchain. All as people lose faith and trust in a centralised system. There is no doubt that the idea of Petro is terrible but it has made the entire Venezuelan population aware of the power of blockchain.
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