2017 witnessed the highest price evaluation of the Bitcoin. This made the Venezuelan president think that if they can introduce cryptocurrency in their economy, then it can really improve Venezuela’s economy. After considerable amount of thinking, Venezuela finally launched its own Cryptocurrency, Petro.
Petro is a centralized digital currency that is controlled by the Venezuelan government. The price evaluation of the Petro depends on the oil reserve of the nation.
In the current talk with Venezuelan media, Venezuela’s president Nicolas Maduro talked about the petro being the main focus of the Venezuela in 2020. He also added that, petro is the only Cryptocurrency that hold the power to improve the economy of the Venezuela.
Petro Will replace Bolivar
According to the recent report, it have been confirmed that the Venezuelan government will focus more on the Petro Cryptocurrency than the Fiat currency Bolivar. Venezuelan government thinks that Petro is the only currency that has the ability to play the pivotal part in the improvement of the Venezuela economy.
Venezuelan government has started with its revival plan. Venezuela’s president has shared the information that the government will start selling the part of the oil reserve in the form of Petro. Even the utilities bills of the Venezuelan can be paid in Petro. This shows that Venezuelan government has came out with full force to promote the use of their centralized Cryptocurrency Petro.
The government has also taken the Petro to the international platform. The airlines operating in the Caracas will now have to pay the price of the airline fuel in petro.
The reason for the government going overboard with Petro is that even after the launched of the Petro in 2018, people are showing their trust in Bitcoin and Dash. But the Venezuelan government wants the Venezuelans to use their nations Cryptocurrency only.
The above circumstances shows that how much potential the cryptocurrency has stored in them even country like Venezuela that has crude oil reservoir depend on the use of Dash and Bitcoin.
Escaping Dollar influence and fighting Corruption
Venezuela’s Cryptocurrency is powered by the Crude oil reserve of the Venezuela that means the price evaluation of the Bolivar will increase with Petro. This will help the Venezuela to stop the influence of the Dollar in the national economy.
Once petro get recognition by the Venezuelans, Petro might be the new Currency unit that will rule the Venezuela. This will also help the Bolivar stand on the international market. Currently Venezuelan government is working on the payment system that will help the citizens of Venezuela with Cryptocurrency transaction on household level.
They have already started using several online platforms to deal with the Crypto exchanges. Do you know the current value of bitcoin? You may surprise to know if you are new to crypto industry.
Venezuela is already facing an economic disaster, and to add salt on the wound, United states of America has imposed sanction on the Venezuelan government. In addition, Washington is backing up the opposition of the Nicolas government. Hence, Venezuela is trying its best two fight to big opponent with its national Cryptocurrency Petro.
Not only adoption of Cryptocurrency will help Venezuela to improve their economy, but is it will also help the government to fight back the underworld financial activities.
Venezuela’s president thinks that implementation of Petro on the ground level, can help the nation fight illegal cash flow for the criminal associations.
Conclusion
Cryptocurrency has shown a rim of light to the Venezuelan government to fight the degrading economy. Venezuela wants to improve its economy with the help of the Cryptocurrency. There seriousness with the Cryptocurrency is so pure that Venezuelan government has even launched its own Cryptocurrency powered by reserve of the Crude oil.
The Venezuelan government is going full throttle with the Petro this year. Hence, 2020 will be the year that will decide what the outcome of the Petro will be.
