Buy Petro, the Venezuelan cryptocurrency is already possible with international currencies. For the Petro ORO, we will have to wait a bit. And Venezuela is betting on Petro as its commercial currency, but what does this mean? As we know, the Government of Venezuela has made an economic restructuring, giving important value to Petro, its own currency, in which it has calculated basic services and now promotes its use as an official currency for transactions of buying and selling real estate, for example. These movements increase the value to Petro although it remains a currency surrounded by a lack of confidence. The currency has been in pre-sale since February, after a token will be created in the blockchain of Ethereum, these tokens are not cryptocurrencies, like Petro, they are digital assets and their value depends on what users are willing to pay for them.
The Venezuelan president, Nicolás Maduro, affirmed that the Petro will be able to be used in transactions around the world as of October for the payment of goods and services; remember that this cryptocurrency will be backed by previous official announcements backed by the country's reserves in gold, oil, gas and diamond. The use of Petro as a commercial currency for international transactions is seen by experts as a way to circumvent the commercial sanctions imposed by the United States on the Maduro Government. Official sources, however, assure that it is a strategy for the economic stability of the nation:
"(With the Petro is sought) to promote international trade and combat the outrages that have produced the fourth-generation war that runs against Venezuela," said Maduro in a national intervention to announce that the Petro becomes the official currency for International trade exchange.
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Petro Oro: Price and registration to buy the new cryptocurrency of Venezuela
So far no one has seen a single Petro in the network since the project began, however the Venezuelan authorities promise that now it will start to work, although it still can not be exchanged for money, goods or other cryptocurrencies such as bitcoin; nor is it listed in virtual exchange houses. It only remains to wait for the exit of this Venezuelan cryptocurrency and to know if it will cover the expectations of those who wait for it.
Petro: The Crypto Currency of Venezuela
Recall that a few weeks ago in the Venezuelan economy has been a monetary conversion to the Sovereign Bolivar, which will quote based on the value of Petro. If you want to know what the petro is, how the petro works, how much a petro costs and more ... Keep reading because here we explain it in detail.
Minimum investment to buy Petros
Value of the petro: Quotation
How much does a Petro cost?
How to buy Petros
Minar Petros: It's legal, but how is it done?
ABC of the cryptocurrency Petro: Buy or not
Buy Petro is a good investment or a failure: The doubt
United States prohibits the Petro
Cryptocurrencies in China and Russia
Petro Oro, physical and gold-based cryptocurrency
Price of the Petro
According to the announcements of Maduro, each unit of the Venezuelan cryptocurrency will have a value of BsS 3,600, that is, 360 million strong bolivars. The price of Petro was regulated by the Government of Venezuela at $ 60 per unit. From that value, the new Venezuelan economy turns, giving the cryptocurrency of that country an unprecedented weight, and converting it, for some, into the most influential currency of recent times.
The monetary reconversion of Venezuela makes Petro more valuable than other cryptocurrencies in the world because it anchors the Sovereign Bolivar to its value. The Venezuelan president, Nicolás Maduro, explained that starting on August 20:
"Venezuela will have two accounting units: the first accounting unit will be the Sovereign Bolívar, and the second accounting unit will be the Petro", according to Telesur.
The data: Soon you can also buy Petro Oro, Venezuela's new cryptocurrency based on gold and physical form, although they call it cryptocurrency.
Value of Petro and everything about how to buy Petros
It is not the first time that the Government of Venezuela has tried to give more weight to Petro as a currency: Recently, the Venezuelan government announced it plans to finance the construction of homes for homeless people with the national cryptocurrency Petro, through its housing project for the people without housing.
The Minister of Housing and Housing, Ildemaro Villaroel, explained that technical, financial and logistical tests are underway to begin the construction process. Venezuelan President Nicolás Maduro authorized a budget of 75,000 million bolívares (approximately 750,000 dollars) and 909,000 Petros for new homes.
This is not the first social initiative of the government in Venezuela financed by the national crypto-currency Petro. In May Maduro announced the launch of a crypto bank funded by cryptocurrency to support youth and student initiatives. According to Cointelegraph in early June, the Bitcoin trade has increased significantly this year. The volume of the exchange of Venezuelan bolivars to Bitcoin increased 138% from March to April, and 39% more from April to May.
ABC of the cryptocurrency Petro: Buy or not
The new Venezuelan cryptocurrency has the name Petro and is based on the same model as Bitcoin, the first cryptocurrency created in the world in 2009 and which works with a payment system based on computer files. But how to buy Petro ?, is the question that users are undoubtedly asking since their announcement, what implications will the petromoneda have? It is another question that arises about this creation, as they explain in El Universal
However, there is still no official announcement of what and how will be the way to buy the Petro, what is true is that with its creation this country will venture into the world of digital transactions because through it can be made operations such as payments of goods and services over the internet.
Currently there are more than 600 cryptocurrencies in the world, this disruptive technology (cryptocurrencies) will become little time according to financial experts in futuristic minks of many countries that adopt and adapt to their systems.
In the case of Venezuela, according to the official announcement, the Petro will offer access to new forms of international financing for the economic and social development of this nation. It will also be backed by 326 billion barrels of oil, as well as the nation's reserves of diamonds, gas and gold, they explain in the Venezuelan press.
Another of the announcements in reference to the creation of Petrocoin is that the Blockchain Observatory in Venezuela will be the institutional, political and legal base for the launch of the national cryptocurrency.
According to what is known about the cryptocurrency system, Petro would have the advantages of reducing the cost of the transaction since there is no intermediation, it would reduce time in payment transactions and the elimination of the need to use financial agents to make transactions. Therefore it is no longer mandatory to pay your costs. This could increase the amount of transactions.
that's quite interesting detailed news! am I only one getting an impression that this thing Venezuela does now - actually is sort of preliminary tests in preparation to what's coming? I mean - the transition from cash fiat to "crypto fiat" or "cashless".
I wonder though: how could Venezuelan specialists and gov manage to make all this possible within quite a short period of time? (especially wich problems in economy) do they have there a lot of professional programmers and developers? :)
Impressive!
today my friend gave me an article related to this:
"In Venezuela all banks are ordered to show your account balance in Petro" (that person provides some screen-shots there)
main thing which caught my attention is this phrase: "Goverment Crypto"
that's exactly what I mean: that it is just a realization of the beginning of some apparent plan according to which all the presently existing fiat currency will become "fiat crypto", i.e. digitized and totally no any cash whatsoever anymore!
This post has been found valuable and upvoted by El surtidor
thank you my friend.
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Four considerations about the petro
1.- If you buy petro you are financing a dictatorship and a government sanctioned by US Treasury Deparment (check Ofac web site about petro prohibition). https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_other.aspx#venezuela
2.- Petro is an another scam from Maduro government. In February they launched an ICO for the petro and said that collected more that $3 billion dollars, but nobody saw that money, and the buyers got their petros kidnapped in wallets that now are useless. https://www.panorama.com.ve/politicayeconomia/El-Aissami-Venta-y-transacciones-del-Petro-ya-reportan-mas-de-3-millones-de-dolares-para-el-pais-20180301-0099.html
3.- Petro is not in any international exchange, so if you buy a petro in the petro platform your crypto is tramped there and you can´t sell it or exchange for another crypto. The government has not announced when the petro will be in an international exchange (although the president Maduro said it was already on October 1st). https://news.bitcoin.com/venezuela-petro-new-whitepaper/ Also there is not any petro wallet yet, so when somebody buys a petro it is in possession of the government through Sunacrip). http://www.bancaynegocios.com/el-petro-muta-de-criptomoneda-a-certificado-de-ahorro-sin-intereses/. By the way, the only way you can buy petro with dollar or euros (or whatever) is in cash on an office located in Caracas's downtown.
4.- Most probably thing is that the petro will work only in Venezuela as a substitution of pulverized bolivar and because the lack of cash (remenber Venezuela is a country in hyperinflation). It is a good news? No. Venezuela is between the worst countries in financial inclusion according with a The Economist's study. So, Venezuelans are no prepare for a digital challenge as the use of wallets, not just because the knowledge but the accesses to internet connection, electricity or smartphones. http://www.bancaynegocios.com/venezuela-en-los-ultimos-lugares-en-inclusion-financiera/
As in any investment decision if you are interesting on petro, please read and investigate beyond the official statements that are plenty of propaganda.