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Maduro's qualitative leap: Venezuela crypto-nation

Il Venezuela has long since decided to exploit the cryptocurrency and digital assets in general. An almost obligatory move, considering the embargo decreed by the United States to the detriment of the country, which is putting its economic stability in serious difficulty.
The most sensational move in this regard was the launch of the Petro, the virtual currency of the state, guaranteed by the oil and mining resources of the country, which however has not had excessive success because of its little appeal. However, Venezuelan citizens are increasingly turning to the Bolivar to fight the hyperinflation that afflicts the sovereign currency. Bitcoin and others among the most successful cryptocurrencies, thus sanctioning an increasingly significant success.
Nicholas Maduro has therefore decided to give rise to a real leap in quality, affirming the strong will of the Chavista government to transform Venezuela into one crypto-nation. A further slap in the face of the imperial power of the dollar, according to many observers.

 Maduro's announcement

Maduro's announcement took place on Wednesday, when the President of the Republic intervened in one live broadcast from the Sunacrip site, the National Superintendency for Cryptocurrencies, at the Central Bank of Venezuela (BCV). An event organized precisely in order to inaugurate the new Petro headquarters and that has turned into something even more relevant. Maduro, in fact, declared that everyone must be able to have the opportunity to participate in the digital economy, recalling in this sense how they would amount to 3 million Venezuelan savers who responded positively to his appeal to invest their savings in the Venezuelan cryptocurrency. He then stated that Petro tokens would already be usable everywhere, not only in the country, but also outside national borders, in order to make payments for purchases and services, air tickets and many other things, using the relative wallet for smartphones. Only within the country would they already be 200 points of sale that accept Petro, while also the 27mila branches of the Bank of Venezuela can function like a exchange, turning the bolivars into virtual coins.

The problems of the bolivar could soon afflict the Petro?

The promotional campaign of Maduro in favor of Petro therefore continues in style, so much so as to prefigure a true crypto-nation, increasingly based on digital assets precisely to bypass not only the US embargo, but also the inflation problems that have trampled off the wings to the bolivar.
However, the problem highlighted by many experts concerns the reliability of Petro. In particular, there is no definite information on the actual quantity of tokens of the national virtual currency that have already been created and whether the government and the monetary authorities of the country are willing or not to create others. If we go in the direction of a new batch of Petro it is quite clear that it would practically reproduce the same problems that make the bolivar unreliable, sanctioning the failure of the experiment in practice. A fact on which the Caracas authorities will have to think long and try to decide for the best.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".
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