Venezuela’s Petro cryptocurrency has been the talk of the town lately. This new currency raises a lot more questions than most people would like. It now seems President Maduro is ready to move on to the next phase of this plan. State-owned companies must begin transacting with this new currency.
The future of the Petro still remains in question as of right now. This oil-backed currency has received a lot of attention in recent weeks. The sale of this currency has been pretty successful as well The next logical step is ensuring companies and consumers use this currency for payments. That is not as straightforward as some people may think. After all, there is no use case for the Petro as of right now.
The Petro Remains an odd Currency
Luckily, President Maduro has come up with a bold plan to solve this problem. Whether or not it will work, is a different matter altogether as of right now. In Maduro’s opinion, state-owned businesses need to transact in Venezuela’s new cryptocurrency. This applies to both buying and selling of products and services alike. A percentage of sales needs to be converted to this currency as well.
It seems three companies are called out officially. PDVSA, Pequiven, and CGG are all named in the recent press communique. These state-owned companies will be able to bypass any existing sanctions imposed upon them. Or that is how it is supposed to work at least. Things often work out very different in the real world. These new cases for the Petro are not set in stone as of right now, though.
For now, we have to wait and see what the future holds for Venezuela. The struggling nation needs some financial relief in one way or another. This new cryptocurrency may cause more problems for them in the long run, though. Even the local government is divided when it comes to the Petro. It is an “unconstitutional instrument” which affects the country’s oil reserves. At the same time, the current situation in Venezuela can’t get much worse either.
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