Subsequent to months of talks around the true status of the intensively publicized Petro digital currency project, the government of Venezuela has made an announcement about making the Petro open for sale and buyable with BTC or LTC.
It is worth reminding that before this news, there had been a long time when the status of Petro was not established, which the president Nicholas Maduro believed would let the currency help the crumbling economy snap out of its hard times. In accordance with the huge oil reserves situated in a Venezuelan region, the cryptocurrency was promoted by the government as the way of going around the US economic sanctions via monetizing the main export product of Venezuela to a huge global market of financiers with no need for the USD.
It was previously reported that there were no evidence of Petro-denominated economic activity in both urban and remoted areas of Venezuela, with the majority of population puzzled as to the location of the government-supported digital currency the same way the rest of the world is.
Earlier in October it was also reported that with the prolonged absence of Petro, the trading volumes of BTC in Venezuela unprecedentedly spiked, with the citizens attempting to avoid the negative effects of the hyperinflation through turning into the world’s most prolific cryptotraders. Maduro’s office tried to enforce the usage of Petro through various means, such as ordering banking institutions to use it and charging fees for passports in Petro.
The sale of Petro, originally planned for November 5, has come as unexpected news. It is yet to be seen if the announcement is in fact true, especially with the very low level of trust the citizens have for the government’s declarations and initiatives.