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El Petro in the spotlight
Public attention is concentrated on the petro this week, with the authorities of Caracas launching the new and named bolívar soberano (sovereign bolivar) which has five zeroes less than bolivar fuerte – the current Venezuelan fiat that is descending into history as one of the more devalued and swollen currencies of the world. What makes the occasion special is that the new bolivar is petrified – probably the first national cryptocurrency in the world. From Monday, the two will coexist and remain the only two official units of account in the Bolivarian Republic after the old bolivar disappeared.
the left administration, led by President Nicolás Maduro, looks at the oil-backed petro and now at the oil-bound bolivar as crucial tools in the struggle to overcome the economic difficulties of the country. But while the socialist government is obsessed with imposing state-issued money and restoring state control over Venezuelan shattering economy, a growing number of Venezuelans have sought refuge in "volatile" cryptocurrencies – a relative concept in this case. With nearly 12% of all the bitcoins traded on Localbitcoin by Venezuelans, according to a new report, their nation counts for the BTC trade worth over $ 700 million USD and ranks fourth in the peer platform ranking. to-peer, immediately after the United States, Russia and the United Kingdom.
In a recent radio interview, the president of the Venezuelan Association of Cryptocurrencies "Asonacrip", Jose Alvarez, spoke about cryptocurrencies in light of the opportunities presented to his compatriots who saw the purchases of the power of their fiat money literary evaporates before their eyes. Mr. Alvarez claims that there are successful developments beyond the petro in Venezuela. In addition to bitcoin and bolivar, Venezuelans have other alternatives available to them, and some of them actually work already, with real use cases, as the representative of the crypto community points out. They are both local and encrypted, like the petro, but not released by the government, unlike the national cryptocurrency.
Meet the other coins of Venezuela
The private cryptocurrencies of Venezuela
Bolivarcoin – Speaking of bolivar, perhaps we should mention it first. There is not much information about it, but let's sum up what is available. According to some older posts of the forum, the Bolivarcoin (BOL) is an encryption inspired by Bitcoin and based on the script of Litecoin. The authors say that everyone is invited to mine and use "the main virtual currency in Venezuela". The Bolivarcoin website, however, does not have the appearance of a well-publicized project. It gives you the opportunity to ask questions and that's all. The last post on the Bolivarcoin Facebook page is a couple of years ago. BOL currently occupies the 1,265th place among the digital coins drawn by Coinmarketcap. It has a market capitalization of 17 BTC (~ $ 108,000) and costs $ 0.009528 USD per currency at the time of writing.
Onixcoin – Commercialized as "Venezuela's first cryptocurrency", has a decent website. His team has set the goal of "bringing financial instruments to all Venezuelans and Latin Americans" by providing access to international transfers, unlimited credits and currency exchanges. The project is actually aimed at people with little financial history: recent graduates, students and entrepreneurs have been mentioned in a Steemit post at the start of this year. ONX, the encryption that "anyone can extract or buy" currently costs $ 0.002914 USD. It has a market capitalization of $ 312,048 USD and is placed at 957 ° on the Coinmarketcap platform
Rilcoin – A & Another Venezuelan cryptocurrency that according to Alvarez is used in the tourism sector, the goal stated by his team on the website of the currency. Its developers say that Rilcoin was created as a fast, safe and simple cryptocurrency to be used daily in stores and to help improve Venezuela's economy. And because of the crisis, the company is distributing a percentage of coins mined every month to local charities. There are no data on Coinmarketcap on Rilcoin, but according to the calculator on its website, 1 Rilcoin currently costs $ 0.003 USD
Perlacoin – The president of "Asonacrip" mentions that there have been some developments with this cryptocurrency in Margarita. At the beginning of this year, the island has been designated as a special economic zone by the administration of Maduro together with Los Roques, Paraguaná, Ureña, where the government wants to stimulate the circulation of Petro emitted. from the state. There is not much information available about Perlacoin and encryption is not listed by Coinmarketcap. The last activity on the Twitter page of the project dates back to early March.
In addition to these cryptocurrencies issued privately and petro funded by the state, the government also had plans to create another currency – Petro Oro (petro gold), to be supported by precious metals such as gold . In February, just after the launch of the petro, President Maduro announced that the authorities were preparing to release the "Petro Oro even more powerful". No details were provided on whether the Venezuelan second national currency would be supported by the gold reserves of Banco Central de Venezuela or the country's mineral deposits. Months later, the fate of the project is not yet clear.
On 20 August, Venezuela devalued the national fiat currency. The new petro-anchored "sovereign bolivar" has five zeroes less than the current "strong bolivar". Monetary reform was announced as part of a package of measures to improve socio-economic conditions in the country and restore government control over the economy. The minimum wage will be increased 60 times to 0.5 PTR or $ 30 USD per month, but VAT will rise from 12 to 16 percent. Maduro also promised to restore the price capping mechanism that should allow authorities to limit inflation
What do you think will happen with Venezuela's private cryptocurrencies? Share your thoughts on the topic in the comments section below.
Images courtesy of Shutterstock, Binance, Adab Solutions.
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Tags center Cryptocurrencies Petro Stage takes Venezuela
