While Venezuela’s oil-backed cryptocurrency Petro was just out, a bombshell statement came from President Nicolas Maduro.. Petro Gold is on the way!
Petro Gold announcement came before Petro’s first day was completed
The news that Venezuela will issue an oil-backed crypto currency in order to gather its economic strength and get rid of sanctions was first announced three months ago. came to the fore. The crypto money, which was confirmed by successive statements and worked on it without slowing down, started pre-sale 2 days ago.
Strong warnings came from the opposition, investors and the United States
Shortly after Petro’s announcement, the Venezuelan Opposition Congress declared the sale of the Petro illegal to mortgage the country’s oil reserves.
While investors expressed Venezuela’s problems with debt repayment and transparency, the United States warned that citizens who buy cryptocurrencies may violate sanctions.
Maduro stands tall. keeps going
Despite all the warnings against Petro and Petro Gold, Nicolas Maduro is not going to stop.
The president introduced the new cryptocurrency in a televised speech: announced:
Next week I will launch Petro Gold powered by gold. It will be a much stronger currency and will strengthen Petro.
Many details about the new crypto money have not yet been revealed.. It remains unclear whether the Venezuelan leader is using the central bank’s gold reserves or an undeveloped mineral deposit for this new cryptocurrency.
Petro came with mistakes
Brazil, according to local newspaper Telesur Investors from Denmark, Honduras, Poland, Norway and the Middle East are positive about the Petro as a form of payment, but they are also willing to invest.
However, some users encountered JavaScript errors while trying to purchase Petro, while others found the central bank. bank is known to be unable to receive orders matched with EtherDelta. And yet, encountering so many errors in a government-backed cryptocurrency is confusing.
In addition to user-based errors, the uncertainty about which payment chain Petro uses reveals the gravity of the situation.
What do experts say about Petro Gold?
Although crypto investors do not have a significant idea about the announced Petro Gold yet, the first comments are starting to come in.
Redwood City Ventures’ founder, Sean Walsh, stated in an interview with Reuters that it is difficult to reach a conclusion without any details, and sarcastically stated that he is not very interested in currencies backed by physical assets.
Walsh:
I would rather buy gold than buy a gold-backed cryptocurrency. Because gold is a physical thing you want to be able to hold in your hand.
The situation is not very pleasant in Venezuela, which is struggling with one of the biggest economic collapses in its history.. Time will tell whether the crypto currency moves made with the devaluation of the country’s fiat currency will provide the hoped economic development.
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