Venezuela has been crisis-hit due to social and economic policies that have been enforced. Venezuelan cryptocurrency Petro is thought to be the solution to most of its crisis. Prime Minister Nicolas Maduro has ordered emission of 100 million Petros with the legal sustenance of Venezuela’s certified and legalized oil wealth.
Despite being rich in oil resources, Venezuela lost its reserves due to sanction imposed by Trump’s administration. The country continues to be in news due to the government misdemeanors and the citizens end up taking the brunt.
Bitcoin has found its way in the county as citizens move to other options to trade. Even though the lawmakers have tried to bring mining and trading of cryptocurrencies to a stall, the practice appears to continue.
For forging Petro a registry, similar to the one that was released for registering for ming Bitcoins, has been made to legise the act. Till now the signups have been 860,000 and most of them are young crowd. The government is more anxious to take on the young crowd who are experienced in mining Bitcoin. These signups will be given proper team and registry.
But there are few hiccups that are still uncertain, like availability, tradability, and the control remains a mystery.