Oh, President Maduro – when are you going to learn that the only person who seems genuinely interested in the Petro currency is you?! When are you going to see that nobody in Venezuela or abroad gives a hoot about your failed digital asset?
The Petro Is Still Being Pushed, Now in Questionable Ways
Unwilling to accept reality, Nicolas Maduro – president of Venezuela – is continuing to push a Petro-backed agenda, saying that his country will now sell both gold and oil for Petro units. So here, you have two very valuable assets in both gold and oil, and he’s willing to give them away for an asset that has virtually no worth at all… It’s no wonder why Venezuela’s economy cannot pick itself up.
Speaking with a newspaper in South America, Maduro explained:
We will sell Venezuelan oil in exchange for Petros. We already sell Venezuela’s iron ore and steel for Petros. We have already signed contracts for the sale of oil, steel, iron and aluminum, and we will sell part of the gold for Petros.
This would be all fine and dandy except for one big problem – nobody wants the Petro. Nobody. The country has already tried hard to integrate a Petro employee payment system that failed terribly, and trading has been banned in regions like the United States by President Donald Trump considering the level of controversy the coin has managed to stir, so why does anyone think trading the currency for gold and oil will make any difference?
If anything, doing so is bound to make Venezuela’s infrastructure fall even harder. At the time of writing, Venezuela – a socialist nation – has suffered greatly thanks to the fall of its native currency the bolivar. Inflation has made the fiat currency worthless, and many residents of Venezuela live in extreme poverty.
Too Much Controversy at Hand
Right now, oil is one of the few things the country of Venezuela has to offer both itself and the world. Giving it away for a useless currency that has failed to make any significant impact in the financial community is going to make its economy even worse. Allegedly, the Petro is backed by oil reserves, but the whitepaper supporting the currency makes no official mention of this, leading many to wonder if perhaps the Petro is backed by lies rather than oil.
Still, Maduro has done all he can to push the cryptocurrency, which was purportedly started to help Venezuela avoid further U.S. sanctions. Among the tactics utilized to push Petro dominance is issuing Petro-based Christmas bonuses to pension workers in Venezuela and an official airdrop over last year’s holiday season.