What is the petro? The petro is a state-backed cryptocurrency that was introduced by current venezuelan leader nicols maduro. The idea behind the project was to stabilized the national economy, by tying it to the virtually worth-less bolivar.
Petro (ptr) national venezuela cryptocurrency petro coin with the flag of venezuela.
the petro was introduced of as a way to navigate around wide-reaching u. Sanctions that have cut the cash-strapped nation off from international capital markets.
Caracas, venezuela-may 17, 2018 petro sign is seen at universidad popular y productiva building in city downtown.
Maduro announced the launch of the national petro cryptocurrency in october 2017. Its cost is equal to the price of a barrel of oil produced in the country.
The coin was supposed to represent a safe haven from the nearly-worthless bolivar, but also to help circumvent us sanctions. However, petro, which was launched in 2018, failed to attract users as venezuelans were more interested in bitcoin and altcoins. Now, maduro has announced that he plans to bring the petro back.
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A large number of speculators to a short investment/trading horizon flooded the investment community, constantly lowering prices through selling pressure on all the good news.But here’s the truth – cryptocurrencies can only offer a certain level of privacy. They can’t offer anonymity.Most likely this will be on the grounds of regulation, something Libra is likely to struggle with and the Winklevoss twins have mastered.Perhaps the clearest advantage of all, cryptocurrency allows you to offer an additional payment option that many businesses have yet to jump on board with. This may not seem like a big deal, however, it could lead to additional sales you’re currently missing out on.If you donвЂ™t already have a crypto wallet, then you need one to start buying and exchanging your Bitcoin. The Bitcoin.com wallet is a great place to start.