News Crypto and cryptocurrencies

Is Petro heading towards mass adoption?

petro - Is Petro heading towards mass adoption?

If until some time ago the Petro, the state cryptocurrency wanted by Nicholas Maduro and secured by the oil and mineral resources of the Venezuelait drew more commentator irony now on the other hand, his reputation seems destined to grow considerably.
To attest the new reality are the data published recently, by the Central Bank of Venezuela (BCV), according to which in the period between December 18, 2019 and January 3, 2020 they were recorded more than two and a half million operations on BiopagoBDV, with over a million people committed to making payments in Petro which involved 7.422 Venezuelan stores.
Precisely the large number of operations in question forced the BCV to carry out maintenance on its BiopagoBDV channel, which ran from 4 January to 7 January, with the specific aim of going to strengthen the ecosystem of the new economy. digital in the country.

The success of the airdrop

The data mentioned also attest to the great success at the December airdrop, when all Venezuelans registered on the PetroApp platform received a Christmas bonus worth half a Petro, about US $ 30. A substantial figure, if you consider that the minimum wage in force in Venezuela is around 10 dollars and that has pushed the beneficiaries to turn the tokens received into basic necessities.
There is also another data that must be taken into account, namely that relating to the number of daily transactions made with the Petro. They would be in practice 160 thousand per day, a number that must be compared to the approximately 300 thousand that occur every day on the network Bitcoin, but globally.

The validity of Maduro's strategy

The strategy prepared by Maduro takes place against the background of one political crisis which is rapidly evolving towards farcical outlines. If a few months ago the President of the National Assembly, the Parliament, Juan Guaidò, he had proclaimed himself President of the Republic, recognized by 56 countries, a few days ago he was another deputy of the opposition, louis parra, to proclaim himself President of the AN, receiving the support of Chavist MPs. In turn, Guaido created a new self-proclamation and the proclamation of a parallel legislative power, recognized only by the United States.
Meantime Maduro continues to unfold his canvas to try to bring the country out of the shallows of the US embargo. A strategy in which the Petro is called upon to perform an extremely important task, that of mitigating the damage of the block. The data on its increasingly massive diffusion are, however, coupled with those relating to the considerable growth in cryptocurrency trading taking place in Venezuela. Many workers and retirees, in fact, once they have received their entitlements, convert them into Bitcoin or other virtual currencies, in order to circumvent the excessively marked devaluation of the bolivar, the sovereign currency.
All this adds up to a series of moves that have favored the digitalization of the economy and that have been greeted with considerable favor by the circles crypto present within the country.
In short, it seems that the time for easy irony about Petro is over, which could really prove to be a highly effective tool to solidify the Venezuelan economy.

Buying Cryptocurrencies? Exchange Binance Binance

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".

Leave a comment

Your email address will not be published.

Back to top button