Venezuelan Government Launches Official Platform for Digital Petro

Venezuela has had its fair share of woes, leading to the country’s destabilized economy with hyperinflation projected by the International Monetary Fund (IMF), to reach 10 million percent this year. Regardless, the country is doing everything it can to improve on the economy, and has just announced that a platform for remittance of the Petro – Venezuela’s official digital currency – is now fully operational.

Joselit Ramirez, the National Superintendent of Cryptoactives, made this known while stressing the importance as well as security of the now available Patria Remesa platform. Speaking on the Venezuela Crypto program, a show on Radio Nacional de Venezuela (RNV), Ramirez highlighted the fact that the Petro was designed by the Venezuelan president as a safer way to transact, stressing that the Patria Remesa would facilitate these transactions easily.

“The Petro was a plan designed by the President of the Republic, Nicolás Maduro, to counter the attacks of imperialism and heal the wounds of war. [Patria Remesa] is the easiest and safest way to send money…and it is the only way that income is not depreciated.”

Since the Petro launched however, it hasn’t exactly been successful and unsurprisingly so too. This is because many countries, including the United States, are against Maduro’s rule and have levied several sanctions against the country. Recently, U.S. President, Donald Trump, announced a seizure of all property of the Venezuelan government in the United States. Maduro recently ordered banks to start accepting the Petro and has propositioned OPEC to accept Petro as “digital currency for oil.”

The American government is also publicly against the Venezuelan Petro. According to Steven Munchin, U.S. Treasury Secretary:

“President Maduro decimated the Venezuelan economy and spurred a humanitarian crisis. Instead of correcting course to avoid further catastrophe, the Maduro regime is attempting to circumvent sanctions through the Petro digital currency – a ploy that Venezuela’s democratically-elected National Assembly has denounced and Treasury has cautioned U.S. persons to avoid.”

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