Petro is already sold at LocalBitcoins

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The crypto world moves at an extraordinary speed in Venezuela. And now the inhabitants of the South American country are selling their Petro in LocalBitcoins for Bitcoin (BTC).

It is worth remembering that Petro was launched in February 2018, by the same Venezuelan state. This is the first crypto launched by a nation. It has the objective of fighting against economic blockades coming mainly from the United States and Europe.

Since that date, the White Paper of this crypto has varied multiple times. But, the most important thing is that his birth was truncated from even before his release for two great reasons.

The first is that the administration of President Donald Trump has sanctioned the crypto project. Therefore, anyone who makes a transaction with this token will be the victim of investigations, which immediately imposed a siege on foreign investment.

The second is trust, the Venezuelan government is currently not at its best, and it is he himself who has generated the terrifying hyperinflation in which Venezuela lives today. As we know trust is the main characteristic that money needs to serve as such.

The reality of Petro in 2020

Due to the tightening of the sanctions directed to the Caribbean country in the course of 2019, and the tense political and social climate; they led the government of Nicolás Maduro to use Petro for what was really created, an object for social control

In the course of 2019, the Venezuelan government hastened as never before to increase Petro's participation in the beaten economy. But, observing that no one trusted this national crypto and that its use was almost nil, the government chose to force it.

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Official page of the Central Bank of Venezuela where it shows the value of Petro

Venezuela began to cancel the pension of its elders with Petros, without any knowledge of this type of technology. They were forced to open crypto wallets called “PetroApp”, so they could enjoy this payment.

Later, double counting was begun in the banks of Venezuela, where the balances in the accounts of the banking users were presented both in Petros and Bolívares. All this as a strategy focused on increasing the almost zero statistics of Petro.

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In turn, the payment of taxes, jet fuel, passports, and any other bureaucratic procedure with crypto based on oil, gold and diamonds was enabled.

For the last quarter of the previous year, the last important steps were made by the government of Nicolás Maduro. The play consisted of paying social benefits to the population directly in Petros. In addition, businesses were forced to receive these cryptos, as part of payment for their goods and services.

According to the Venezuelan state, these could then be converted to the local currency. But, due to the high demand that this service had for the payment of a special Christmas bonus equivalent to 1 Petro or $ 30 for the date, the system is currently down and businesses have not been able to sell the national crypto to be able to pay its suppliers, which do not accept, mostly Petros.

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Posted via Steemleo