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Venezuelan Petro Advanced to a New Convertibility Phase, Expert says



Ricardo Baptista, director of the Latin American Cryptoeconomy Corporation, explained that the Venezuelan government is promoting the use of crypto to dynamize its economy and counteract the negative effects promoted by “all of those who have placed some blockades on the Venezuelan economy,” saying that the cryptos are “the gateway to evade those sanctions.”

Baptista also explained that due to the economic setback, digital currencies have made it possible for the Venezuelan population to rethink their financial culture. Now, the value of digital transactions is growing:

“Our currency, the bolivar, has been hit hard and what we are looking for is that financial technology is that the bolivar has a value, not on paper, but as a digital asset.

In an interview for the radio show “A tiempo” broadcasted by Unión Radio, the Latin American expert explained that crypto adoption has steadily increased in Venezuela, mainly thanks to the proliferation of online businesses and content distribution companies:

“Digital currencies are used for online payment methods, content purchases and Venezuela, industry, commerce and some entrepreneurs have taken refuge in these alternatives to with the Bolivar give refuge to that digital currency of value and that is legal in these platforms the world.

Petro: A Crypto Born in the Middle of a Geoplitical War

Currently, the Venezuelan people are experiencing great difficulties in obtaining essential goods and basic merchandise in general. The sanctions imposed by Donald Trump –knowing they would cause a suffering period of years on the venezuelan people– have contributed to worsening the precarious situation of a country with a population already living the consequences of having some of the world’s most corrupt rulers.

However, the Venezuelan government has tried to diminish the effects of these sanctions through the issuance of a native crypto -the Petro- which has not been officially implemented as currency until now, although it is already being traded in six local exchanges and some businesses are accepting the token.

screenshot of a e-business accepting the venezuelan Petro
screenshot of a e-business accepting the venezuelan Petro

It is still difficult to give an optimistic prognosis for the future of this token. Donald Trump has already banned its citizens from doing business in Petros – even though this is a privacy currency – and it has not yet been listed in any substantial volume exchange (and at least those licensed to operate in the United States cannot list this token.)

So far, only Bitfinex has issued an official announcement stating that they will not list the token. Right now Venezuela is the third country with the most massive volume of p2p BTC trades in the world.

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