Surprise… A report indicates that there is no trace of the Venezuelan “petro” currency
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Answer Surprise… A report indicates that there is no trace of the Venezuelan “petro” currency
Months after Venezuelan President, Nicolas Maduro, announced the creation of the Venezuelan petro currency backed by oil to solve the problem of inflation within the country. There have been a number of reports indicating that there is no trace of the currency inside the state of Venezuela.
And “Roitz” announced that its team went to the oil-rich savannah region, where the bulk of the oil reserves that are supposed to support the Venezuelan “petro” currency are located, and it discovered that the reality is different from what is being circulated in the media, as the area is not suitable for investment and that they found simple equipment scattered on the site.Read:Can this new platform capture BitMEX’s share in the cryptocurrency market?
And last February, Maduro announced the decision to create the Venezuelan “petro” currency and confirmed in the announcement that the currency would be backed by proven oil reserves, which exceed 5.3 billion barrels of crude oil.
According to Maduro’s plan, the money of investors from all over the world will flow into Venezuela’s economy, creating jobs and new lives that will help them weather the current economic crisis.
According to the report, there is currently no store in Venezuela that accepts the Venezuelan “petro” currency, and they only found some anonymous posters to promote the sale of the currency in a random and unregulated manner.
At the government level, the contradiction is the master of the scene, as President Maduro has claimed that the IPO of Venezuela’s petro has raised five billion dollars and that the currency is active and circulating. While the government minister, Hoebel, says that the technology is still under development and no one owns any of the petros yet.
Also, the government agency that is supposed to supervise the Venezuelan “petro” currency, does not have any confirmed physical presence, its website is not active, and the head of the agency does not respond to any message in this regard in social media.Read:China rewards users who report suspicious crypto projects
Note that the initial offering of the Venezuelan “petro” currency faced many criticisms, as there are no clear records or data to determine whether the currency was able to raise the amount of five billion dollars or not.
Tom Robinson – from blockchain research firm Elliptic – also questioned the petro data because transaction activity is low and the model for ICOs was not typical. He added, “There is no evidence to suggest that there are people who own the petro, and you are not trading in any cryptocurrency trading platform yet.”
And important figures in Venezuela have previously criticized the Venezuelan “petro” currency and stated that it is just a new ploy by a central government burdened with problems and debts.
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