The launch of Petro, by the Venezuelan Government, has become one of the country’s most promising financial outlook recently. The government is heavily banking on the success of this cryptocurrency.
Petro to the Rescue
In recent time Venezuela as a country has suffered some major economic setbacks, which has led to a loss of confidence in the government and its financial institutions. The development of Petro which is fully backed by oil and gold, according to the country’s president, Nicolas Maduro is expected to restore some sort of confidence to the economy at large.
All Banks Now Accepts Cryptocurrency
About two months ago, the president instructed all banks operating within the country to start accepting cryptocurrency as a means of payment. This is at a time when the country’s traditional fiat currency is devalued.
The rule from the presidency has been followed by several criticisms however, the president has not shown any sign of been moved.
He further proceeded to make an announcement in relations to the official launching of the Petro cryptocurrency. Through the announcement, he also made it known that public sales of Petro will commence on November 5th.
Since this announcement was made, there have been several comparisons between the coin and other popular cryptocurrencies already in circulation. The most prominent accusation was from one of Ethereum’s core developer, Joey Zhou. He took to this Twitter page to announce that Petro is a blatant copy of Dash, another popular Crypto on the top 10 list.
Since this accusation was made, there hasn’t been any official response from the government of the country.
In spite of the President’s insistence that it’s backed by the likes of oil and gold, the effect of this and many other proceeding criticisms has greatly damaged the acceptance level of Petro.
As of now, all eyes are set on the launch date