In the midst of a growing economic crisis, the Venezuelan cryptocurrency supported by Petro oil is nowhere to be found. Numerous reports indicate an almost non-existent use of the country.
"Difficult to identify almost anywhere"
According to a report by Reuters dated 30 August, the Venezuelan city of Atapirire has not yet reaped the fruits of Venezuelan crude-driven efforts sustained by oil. The situation reflects the case in much of Venezuela amid a series of financial problems.
Brian Ellsworth of Reuters noted the following:
It turns out that the Petro of Venezuela is hard to spot almost anywhere. For a period of four months, Reuters spoke to a dozen experts in cryptocurrencies and oil field valuations, reached the site of committed oil reserves and scoured the digital money transaction documents in an effort to find out more.
In July, Bitcoinist reported on the Venezuelan efforts of Nicolás Maduro to see the Petro become its "great hope" declared. At that point, the World of Warcraft gold was worth more than the Venezuelan Bolivar.
"The economic reconversion will begin on August 20th permanently with the circulation and the emission of the new Sovereign Bolivar", confirmed Maduro.
Exchanges remain skeptical
After months of studies, interviews and investigations, Reuters concluded that "it is clear that petro does not trade on any major exchange of cryptocurrencies."
"There is no sign of that petro here," said housewife Igdalia Diaz, who then he participated in a diatribe about the dilapidated school of his city, pitted streets, frequent blackouts and perpetually hungry citizens.
Despite Madura's successful claims, however, the Petro has not led to any noticeable change and the country's oil experts have begun to speak.
The government set the value of petro at the price of a barrel of Venezuelan oil – currently about $ 66 – and promised to support it with crude reserves located in an area of 380 square kilometers (147 square miles) surrounding Atapirire.
The Petro is not present in any stock exchange. It does not appear online, nor is it a valid form of payment within small-town shops and markets. This undermines the president's claims that 16 exchanges, which are "little known in the cryptic world", had been "certified" for the petro trade.
Meanwhile, cryptocurrency trade in the United States remains skeptical even on Petro such as Coinbase, Bittrex and Kraken, who refused to comment or did not answer the questions of Reuters on why they did not list the petro.
Earlier this week, Bitcoinist reported that the Bitcoin volume trading on LocalBitcoins has once shattered previous records in Venezuela, passing 500 million recently devalued bolivars (VES) to the last week.
What do you think of the failure of Petro to affect himself in the country? Let us know your thoughts in the comments below!
Images courtesy of Reuters, Shutterstock