Cryptocurrency, Petro Coin-In a move that may have potential ramifications for cryptocurrency and economies around the world, Venezuela has officially launched the first "cryptocurrency" supported by the state in the form of the Petro currency. While many questions remain about the legitimacy of the currency, a move that many see take place both in despair and in trying to capitalize on the crypto-blockchain fever that surpassed the fintech markets during the last year: the Venezuelan government will provide a sandbox for in way the crypto integration should and should not be conducted in the future.
While traditional cryptocurrencies have tried to operate outside the government's influence, free from the political and bureaucratic policies that often hinder most of the currencies operating in free markets, Petro money embraces government oversight with all the heart, having been generated by the financial administration that is currently overseeing one of the worst inflationary crises of currency in modern history. Beginning on October 29th and announced via Twitter, the Venezuelan economy department began offering Petro coins for the purchase with fiat through the official website of the currency or from a handful of cryptocurrency exchanges that were checked and authorized by the government to conduct sales of the currency.
"The Petro can be purchased by natural and legal persons from its web portal."
– Vicepresidencia de Economía (@ViceEconomia) 29 October 2018
Currently, the currency appears to be on sale through the country's treasury in exchange for US dollars, Chinese yuan or euro, as well as several cryptocurrencies, including Bitcoin and Litecoin, with some confusion over the sale originally allowing purchases of Ethereum and DASH (DASH, in particular, has managed to gain a solid position in the country, since astronomical inflation has led people to look for alternatives to the Bolivar for daily transactions).
While the details on the official launch and on the development support for the outgoing currency are rather scarce, a surprising move considers the scope of such a project that is the first of its kind, the Venezuelan government has appointed a superintendent of cryptographic assets and activities related, Joselit Ramirez, who is responsible for overseeing and managing complaints and customer service problems with the currency, as well as helping transition citizens who are trying to use the currency on the largely deceased bolivar.
As pointed out by CoinTelegraph, while the Venezuelan government has recorded six cryptocurrency exchanges to officially sell the Petro currency in exchange for fiat and other encrypted, none of the platforms collapses the first 100 exchanges with the metrics offered through CoinMarketCap. Considering the decentralization and the effective nature of cryptocurrencies, this could become an improper term in the near future as Petro buyers are free to develop their own markets for the currency trade: a move that could provide relief from 39; current interference of government influence over the currency and provide an alternative to purchases directly through the treasury.
While it was also announced the launch of a coin-based app-based portfolio, made specifically for new investors and Petro currency users, since then it has been pulled by Google Play, leading to uncertainty and even greater doubts in the currency. exact nature and reliability of the advancing currency.