Petro Cryptocurrency Price – Will Petro (PTR) Eventually Achieve Its Aim ?
Talking of Petro Cryptocurrency Price, first of all Petro is designed to be a crypto issued by the Venezuelan state and associated with the country’s crude reserves. This is according to a January white paper issued by the Venezuelan government. Venezuela will issue 100 million Petros, based on the NEM blockchain, and the Venezuelan state will not be able to make new emissions of the Petro.
Petro will be a sovereign crypto asset backed by oil assets and issued by the Venezuelan State for the development of an independent and transparent digital economy open to direct participation of citizens.
It will also serve as a platform for the growth of a fairer financial system that will develop the trade between emerging economies.
People have criticized the token’s trustworthiness. Some have termed it a fraud. ICOindex.com categorizes the Petro as a scam, saying there’s a lack of key technical information including how the cryptocurrency is actually backed by oil, as well as concerns the Venezuelan government won’t be able to manage complex blockchain technology.
The main objective of cryptocurrencies is to be decentralized and free from third-party and governmental control and the Petro is neither.
Venezuela approved the use of the Petro as a form of payment in popular tourist destinations and along its western border, according to the government’s Official Gazette, dated March 22nd and distributed in April.
Locations include Margarita Island, Los Roques, as well as border cities Urena and San Antonio del Tachira. As per Petro Cryptocurrency Price, main exchanges like Binance and Bitfinex have not listed a price for it.
The Venezuelan government rates the Petro at 3,600 sovereign bolivars which is $60 under the new exchange rate and that is the known Petro Cryptocurrency Price.
Whether or not this Petro Crypto will take the order of the day in Venezuela and eventually the world in terms of being an asset has been subject of predictions.