Venezuela has launched a oil-backed cryptocurrency this week. Petro can be purchased directly from the country’s treasury via the coin’s website or by approved government crypto exchanges. The coin can be purchased for fiat (U.S. dollars and Euros) or crypto (Bitcoin, Litecoin, Ethereum).
My understanding of Peto Coin is that it’s a pseudo-digital token that supposedly backed by the country’s mineral and oil reserves. Venezuela has approximately 297 billion barrels of oil reserves (read: some of the largest in the world). The hope is that it will supplement the highly inflated Bolivar and prove to be a workaround U.S. sanctions on Venezuela for capital.
My thoughts — it’s a scam. I honestly can’t believe that the President is squandering the birthright of all his citizens, oil. It’s literally a way for the government to raise money from people who are more ignorant than they are. There’s no complex math to mine Petro coins. You can only buy it from it’s corrupt, centralized government. And, you cannot even pay for the coin with Bolivars!
Seriously, what is this nonsense! I don’t like it when oil gets