The petro will begin to function as a currency of exchange amid uncertainty

Since the beginning of this year, the government of Nicolás Maduro announced the creation of petro as the Venezuelan cryptocurrency, its use was a mystery. From this Monday, October 1, use starts as currency exchange and convertible currency, but little is known about how this mechanism will be made.

The first presale of the petro was carried out in a controlled manner by the executive power of February 20 last. Both natural and legal persons had access to buy it. The imposed requirements and the mistrust because only the government was going to undermine it, took all the attraction away from the start.

This was explained by the then superintendent of cryptoactive in the country, who claimed that the government would make a "pre-broadcast", which then went on sale. Even President Maduro himself has & # 39; extraordinary & # 39; Figures about this process released.

Read more at: Keys from the petro, the cryptocurrency with which the government seeks financing

A month after the launch of the pre-sale, Maduro explained that "we already have $ 5 billion in the pre-sale of the petro, we are on our way to prosperity". The verification unit of Cocuyo effect determined that The president's statements had no support.

Government control over the petro: it is the only one who can sell it and mine from the rest of the cryptocurrencies. And besides, it has a closed code that makes it impossible to verify its operation, but only to the government.

In addition, oil is supported by oil reserves and its value will be that of a barrel of Venezuelan crude oil on the international market. But in its economic recovery plan, the government set a value of 3,000 600 sovereign bolivars on August 17, when the barrel of oil was $ 60 each.

Read more at: Five holes that the petro remains a month after the start of the presale

This Friday is the Venezuelan oil in 73.13 dollars, reason why it is not known what value the Venezuelan cryptocurrency will have.

"A cryptocurrency is an intangible asset that has its value in the technology that gives life, what the blockchain, and that is supported in technological ways. The blockchain is not supported by iron, oil, gas or the like, "said economist Aarón Olmos in March.

To this must be added that both the National Assembly as the Government of Donald Trump they banned their use in the United States. In the North American country that buys this kind of cryptocurrencies, sanctions can be imposed because it would be a way to finance the Venezuelan debt, which would be limited by the sanctions of the Treasury Department for a year.

Up to now it is not possible to pay anything with petros nor to buy them. Despite this, the economy generally for 40 days when it monetary reconversion and the so-called economic recovery plan, was anchored to the petro, with the decision to do the same with the sovereign bolivar.

The petro determines the salary value

Now the salary is paid in half petro, but with sovereign bolivars. The same as the food voucher or the socialist ticket basket and the salary tables of public employees.

But how is the petroleum marketed? is the big question that the government still does not answer, despite Maduro on 21 September said that "the first of October the petro enters the street to function as a purchase of currency and convertible currency, the digital oil currency of Venezuela for the world. "

Photo: Forbes Mexico

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Maduro announces that the minimum wage will be half petro; that are, 1800 sovereign bolivars

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