Venezuela Tries to Regain Trust in Petro and Involves International Experts

November 20, 2018
Darya Karatkevich

In yet another attempt to attract at least some interest to the troubled Petro, Venezuelan state-issued cryptocurrency, the government has claimed that following the international blockchain technology and cryptocurrency seminar in Caracas, they’ve received a number of favorable opinions from international experts.

Petro cryptocurrency

Venezuelan President, Nicolas Maduro, went ahead and posted the following comment in his Twitter:

“Experts from the world see Petro as an innovative project that will open the doors to economic development.”

According to the state media outlet Telesur, experts from China, Russia, Luxemburg, Spain and Mexico attended the seminar, and Lluís Mas Luque, head of the Spanish Blockchain Institute & Technology, stated that the Petro represented

“a triumph over conventional financial systems.”

Venezuela sees Petro as a “way around” economic sanctions imposed by the U.S. government. However, immediately following the launch of the troubled cryptocurrency U.S. President Donald Trump has placed series of prohibitive sanctions on parties trying to trade using Petro. Nevertheless, the Venezuelan government claims they have the full support of political leaders in a number of countries, including Colombia, Brazil, Japan, China, Palestine, Spain and Saint Vincent & the Grenadines.

After denominating bank accounts in Petro without customers’ consent, the Venezuelan government has reportedly reached an agreement with the country’s major chain store, Traki, which recently announced they would accept a number of cryptocurrencies for purchases, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash. Traki is considered “the Walmart of Venezuela,” so only time will tell if this will become the savior of the Petro coin, dubbed by some as a “complete scam.”

Post written by Darya Karatkevich
Darya is a blockchain market observer with 5+ years of experience as an author and editor for major tech blogging platforms. Her fortes are blockchain technologies and solutions, cryptocurrencies and crypto-related regulations.

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