On June 11, the Venezuelan government announced that almost 15% of all fuel payments at gas stations in the country were made with the help of Petro (PTR). The number of transactions made using the government cryptocurrency increased in the first week of implementation of the new plan, which aims to promote the use of this token. According report Ultimas Noticias, 40% of PTR transactions were carried out at foreign stations.
Balancing Venezuela’s cryptocurrency environment?
On the Geopolítica Coyuntural blog we can read that the adoption of Petro will strengthen the balance of value between the primary and secondary market, “allowing to build an economic and stable structure for the cryptocurrency environment in the country.”
Citizens have recently used Bipago biometric technology solutions to process payments in oil-protected tokens at gas stations throughout Venezuela.
The article, which is written in support of President Nicolas Maduro, assures readers that Petro “has set unprecedented milestones.” Venezuelan token probably became the first cryptocurrency in the world used by older people. The adoption of the government digital currency is taking place despite orders from US President Donald Trump to impose sanctions on its use.
Doubts about the positive impact of Petro on the Venezuelan economy
Since the implementation of Petro in Venezuela, it has not been well received by Venezuelans or in the international context.
“Regardless of whether the government is right in accusing international leaders of the situation in the country or not, it cannot be denied that wages are still falling and prices are rising in an uncontrolled manner. Therefore, the question of Petro’s impact on the Venezuelan economy seems to leave more doubt than satisfaction. “
– said Venezuelan engineer and journalist, Daniel Jimenez.
The US Department of State recently offered a reward for information that can help track where the current Cryptographic Director, Joselit Ramírez, is located.
The President of Venezuela himself, Nicolas Maduro, had already suggested that pensions be paid in the government’s cryptocurrency. He also wanted to make airdrop tokens and give it to doctors. That week, as part of a campaign to promote oil-protected Petro, he reduced fuel prices at gas stations.