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Payments with the Venezuelan Petro could increase

June 13, 2020

The Venezuelan government announced this on June 11 Almost 15% of all fuel payments at petrol stations in the country were made with Petro (PTR). This increase occurs in the first week of the new government-sponsored plan to promote the widespread use of the token.

According to a report from the latest news, the 40% of PTR transactions were made at stations to pay in foreign currency.

Balance Venezuela’s crypto environment?

The Conjunctural Geopolitics Blog says that The introduction of the Petro will strengthen the balance and homologation of value between the primary and secondary market, “Allowing the establishment of an economic and stable structure for the country’s crypto environment”.

Payments with the Venezuelan Petro could increasePayments with the Venezuelan Petro could increase

Citizen used biometric technology solutions To process payments in the oil-assisted brand at gas stations all over Venezuela.

The local media article, which has a remarkable pro-Maduro agenda, assures readers that the Petro “has set unprecedented milestones,” as allegedly The world’s first cryptocurrency used by the elderly. This statement comes despite the executive order issued by the President of the United States, Donald Trump, to authorize the use of the Venezuelan token.

Doubts about the positive effects of Petro on the Venezuelan economy

As Cointelegraph reported in Spanish in April, since its introduction in Venezuela, The Petro was not well received by the Venezuelans or in an international context.

Venezuelan engineer and journalist Daniel Jiménez explained for Cointelegraph in Spanish:

“Regardless of whether the government rightly accuses international actors of the country’s situation or not, it is undeniable that wages will continue to fall while prices rise without control. The mandatory question about the effects of petro on the Venezuelan economy seems to leave more doubt than satisfaction“”

The U.S. State Department recently offered a reward for information that can help track those Location of current superintendent for cryptoactive assets and related activities, Joselit Ramírez.

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