After the economic measures announced yesterday by the President of Venezuela, Nicolás Maduro, it was clearly the intention of the government of that country to & # 39; anchor an economy that had fallen into a deep crisis & # 39; on the petro; a cryptoactief made by the Venezuelan state itself at the end of 2017. But this seems to be one of the few certainties that arise from the announcements.
The measures set a price for the petro of 3,600 sovereign bolivars (based on the new cone monetary), calculated in conjunction with the current price of the Venezuelan oil barrel ($ 60). However, the criteria to substantiate this calculation are not explained.
Other supported or stable crypto-assets that are successfully traded in the crypto-market, such as the dollar-tether (USDT), supported in dollars, retain their value in equivalent controllable liquid stocks. to the tokens in circulation. In the case of petroleum, the Venezuelan government has indicated that it is supported by oil from the Ayacucho block of the Orinoco oil engine. However, these oil reserves are still in the Venezuelan subsurface and their actual value can only be calculated when they are extracted so the attribution to petro of the value of oil today is at least inaccurate. So how to know the true value of this cryptoactive?
The petro, in turn, was established as a reference for the determination of wages and salaries, as well as the prices of the products. For example, the compulsory minimum wage is equal to 0.5 petros. It is not clear whether the petro will have a benefit that goes beyond a "marker" or reference for the calculation of wages and salaries. Does the public have direct access to the cryptoactive? Is there a market to place it on the market or exchange it for fiat money? Is it possible to pay with petros in shops?
So far, no cryptocurrency exchange has recorded the petro on its markets, although there are 16 certified by the Venezuelan government. In addition, the first phase of the sale of the cryptoactive, which was executed privately, was closed in March, but it was not made public when the tokens were released and delivered to their buyers. On the other hand, the announcements mentioned that the number of auctions of the government system for foreign exchange sales (DICOM) will increase, but it was also unclear whether the petro will be included as one of the currencies to be auctioned.
Some experts, such as Aurelio Concheso, confirm that the model chosen for the adjustments is similar to a "Conversion box", where the currency is anchored to something that retains its value as the dollar, the euro, the price of gold or something like that. In this case it is not clear how the anchoring to the petro, which in turn depends on the volatile oil prices, will generate enough stability that the battered Venezuelan economy needs. It is worth asking whether the prices of the products and the salaries of the Venezuelans will fall and will rise to the rhythm of the fluctuations of the Venezuelan oil and thus of the petro.
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