Maduro OKs Petro-to-Fiat Trades, Will Provide Stores with Crypto Pay Tech

This news story was recently published by the website Cryptonews and I found the article in a post written by @vlemon link

Picture Source

The story:

Venezuelan president Nicolás Maduro has authorized Petro-to-fiat trading, and says his government will provide the necessary technology to all business holders in the country who want to start accepting crypto pay.
Maduro stated that his move – effective as of October 23 – would allow the “three million” Venezuelans with Petro holdings to convert their tokens to fiat, including bolivars, per reports from Panorama and Correo del Orinoco. The president also urged merchants and business holders to consider moving to cryptocurrency pay solutions, in a bid to revitalize the country’s economy.

So they can convert their cryptocurrency the Petro to Bolivars or any other currency. This liquidity, the backing of the Petro by oil and the encouragement of its use for goods and services is a huge government sponsored and encouraged economic change

Potentially a Historic Change!

President Mafuto was quoted as saying:

If you have a good store, a good supermarket, or sell household appliances, join the cryptocurrency [pay] system, we will provide you with the technological means of doing so.”

Background

The Petro is the Venezuelan state’s own, oil-backed cryptocurrency. Although the United States has banned it, and threatened companies or countries dealing in the token with economic sanctions, Maduro claims that a number of international parties have already traded with Venezuelan companies in the Petro. However, he refused to name the companies in question in case Washington attempted to take retaliatory action on the firms.

Source

Conclusion

I think the Madura story is amazing because this is a major South American country, which was once very wealthy and could be very wealthy in the future, which is now going to encourage fiat to cryptocurrency trading and paying for goods and services with cryptocurrency. This is big news. One of the highly touted characteristics of cryptocurrency is its potential as a good store of value and easily transferable store of wealth. While the fact that all OPEC nations sell oil for dollars has no doubt helped cement the US dollar into its position as a dominant world currency, backing of the Venezuelan Cryptocurrency the Petro with a barrel of Venezuelan oil was a bold financial move that could have started a process ushering in a new financial world order. Bitcoin was and is disruptive, but a cryptocurrency backed by a barrel of oil, one of the worlds most valuable commodities, redefines the word disruptive and takes it to a whole new level.

This is amazing! We maybe seeing history being made here!

✍️ Written by Shortsegments.