Venezuela’s useless Petro cryptocurrency will hit international markets in October

Venezuelan President Nicolás Maduro is showing now signs of slowing down on his dream of making national cryptocurrency, the Petro, a thing.

Yesterday, Maduro got on state television to reveal his cryptocurrency brainchild will be used in international transactions starting from October 1, 2018.

“On October 1, the petro [sic] will enter the streets to become a means for commodity exchange, purchase and convertible currency for the whole world,” Maduro said (via Sputnik News).

Maduro has been pushing the Petro for some time. He has declared its use for housing the homeless, conducting oil trade, and even paying salaries. He also claimed it will help curtail the country’s savage levels of hyperinflation. But what these “international transactions” will actually be, remains to be seen.

That said, Reuters conducted a study last month which found that Petro is more of a whisper on the wind than a cryptocurrency.

Given that most nations are still struggling with the regulatory issues of cryptocurrency, it’s likely it will be some time yet before we see any noteworthy volume of Petro transactions.

It should also be noted launching a national cryptocurrency or ICO is a dangerous game. It might not work out as intended. Indeed, the Marshall Islands was recently warned to can its ICO or have its access to international aid revoked.

If you’re interested in everything blockchain, chances are you’ll love Hard Fork Decentralized. Our blockchain and cryptocurrency event is coming up soon – join us to hear from experts about the industry’s future. Check it out!

Published September 21, 2018 — 12:35 UTC

Matthew Beedham

Matthew Beedham

September 21, 2018 — 12:35 UTC

Read More

Did you like this?
Tip Cryptos UK with Cryptocurrency

Donate Bitcoin to Cryptos UK

Scan to Donate Bitcoin to Cryptos UK
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Cryptos UK

Scan to Donate Bitcoin Cash to Cryptos UK
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Cryptos UK

Scan to Donate Ethereum to Cryptos UK
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Cryptos UK

Scan to Donate Litecoin to Cryptos UK
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Cryptos UK

Scan to Donate Monero to Cryptos UK
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Cryptos UK

Scan to Donate ZCash to Cryptos UK
Scan the QR code or copy the address below into your wallet to send some ZCash:

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.