Some time ago, Venezuelan President Nicholas Maduro had published a government-backed cryptocurrency, Petro.
Maduro says that the Petro token is a tool used to respond to sanctions imposed by the United States against Venezuela. Currently, Venezuela is experiencing a massive economic crisis that has an impact on social and humanitarian crises.
After the pre-sell period, it turns out that digital currency investors are reluctant to buy cryptocurrency supported by the Venezuelan government.
Based on information from Coindesk, the digital currency investors moved away from Petro because the cryptocurrency supported and published by the Venezuelan government was poorly planned.
Investors are worried because Maduro is not transparent about the exact number of Petro tokens that are launched, traded and managed.
Earlier this year, Venezuela published a document containing Petro's mechanism, but a few weeks later, the Venezuelan government revised the document and stated that Petro would be built on a different blockchain platform.
In addition, the Venezuelan government also publishes anti money laundering guides for Petro exchange. However, the guide is just a table of contents. Investors are also worried, as Venezuela uses an obscure network originating from Russia to make Petro.
Based on investigations conducted by The Time, the use of the network is not clear from Russia is considered not surprising. The reason, senior adviser to the Russian president oversees the Petro project with the approval of Putin.
The National Assembly controlled by the Venezuelan opposition declares that Petro is an illegal extension of its debt. Petro is also rated as a tool to facilitate the very corruption of the Venezuelans.
The United States government responded by publishing an executive memo to prohibit Americans from trading with Petro.
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