Venezuela’s President, Nicolas Maduro has proven times without numbers that he does not shy away from a controversy of any form. Right from the creation of the nationally backed crypto —Petro, the president has made some decisions which have been followed by huge criticism from industry experts. In light of this, the presidency has once again made a decision relating to the country’s national “cryptocurrency,” that has brought about an intense displeasure from a huge number of financial experts both within and outside the country. Maduro recently made it known that the price of the Petro, has been increased from 3,600 sovereign bolivars to 9,000, which is more than double its initial value.

Presidential Decree

Maduro made the announcement on a state television channel and at the same time, he raised the country’s monthly minimum wage, by 150 percent. This is the sixth time this year the minimum wages will be raised.

It is, however, important to note that a wallet for Petro has not been launched yet and owners of the coins only have certificates of purchase to prove their ownership.

While announcing the launch of the coin in August, Maduro made it known that the coin will be linked directly with the country’s main currency the sovereign bolivar (bolívar Soberano). Going by the president’s recent announcement the linkage between the country’s main currency seems to be faked.

Expert Opinion on Petro Price Increase

Venezuelan economist Leonardo Buniak he also explained that with the president’s latest decree which states that a Petro is now worth 9,000 Bs.s, what this means is that “the Petro is not a cryptocurrency but a debt title that is predetermined, [which] cannot be mined.” He added that: “It is impossible to think that it is a cryptocurrency when its value is not given by the interaction between supply and demand.”

This post is credited to coindoo

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