US president Donald Trump has recently banned any American dealings with Petro – Venezuela’s oil-backed cryptocurrency. Last month, during the release of Petro, Venezuelan president Nicolas Maduro mentioned that they are fighting hyperinflation and a collapsing socialist economy brought on by sanctions imposed by the US government. The president explained that Petro is a transparent means to circumvent those sanctions through a forward sale of the country’s oil.
However, even Petro has been banned by president Trump, which has provoked an outrage from the Venezuelan government. In the light of this new situation, Diosdado Cabello, VP of the United Socialist Party of Venezuela stated Trump’s action to be ‘wrong.’
Cabello further added,“Today, the emperor Trump has announced measures that will not be easy to execute, but imperialism is seeking to sow fear, to scare the free peoples of the world,” and mentioned how he felt, “profound indignation and rejection at the decision of the North American imperialism, which is intended to submit Venezuela to more blockades, and our people to more sanctions and to more aggression.”
Currently, there is a veil of mystery shrouding Petro. As of now, there is no evidence that the cryptocurrency has experienced any sale activity. For example, observers noted that the NEM address which contains the Perto ICO has not moved. This implies that either no one has bought the cryptocurrency or buyers are yet to receive it. However, the Venezuelan government is insisting that they have sold over $5 billion worth of Petro.
President Maduro initiated the Petro ICO along with supposed outside help. The cryptocurrency has its fair share of skeptics and protesters inside the country including the National Assembly which says cryptocurrencies are illegal and that a forward sale on the country’s oil will lead to more corruption inside the nation.
Currently, president Maduro, as well as multiple authorities in the United Socialist Party, are still showing enthusiasm and potential revolving Petro, but for others, interest has dropped since the time of its announcement.