Venezuela Set To Distribute First 100 Million Petros
In the years leading up to Venezuela’s announcement that they will be launching their own cryptocurrency, the country has been plagued with economic strife and struggle, resulting in massive inflation hikes.
Even though Venezuela is rich in lucrative resources like oil and gold, financial uncertainty has caused starvation and shortages of essentials such as medicine.
However, the country’s president, Nicolás Maduro, believes that putting these reserves into supporting its state-controlled digital currency is the way forward. This would also alleviate some of the stress associated with US-imposed sanctions as trading in virtual currencies would allow the country to circumvent these roadblocks.
According to Maduro, each Petro will be back by a barrel of the country’s precious oil, of which there are five billion barrels available. The president had this to say:
In addition to the benefits of having a digital currency, the mining process regarding the Petro could be a valid employment option in the country. In fact, Maduro recently announced that over 860,000 citizens have registered to mine the state-controlled crypto.
These miners will have their first meeting on the 14th of January. This is also the date that the currency’s white paper will be released.
Venezuela has made real progress in its quest to develop the Petro. Other countries are also taking tentative steps to create their own cryptocurrency, which they will be able to control as opposed to decentralized virtual currencies like Bitcoin.
Even so, Bitcoin and the like have gained massive traction in countries where the economic landscape is clouded in corruption and uncertainty. Venezuela is one such country. Its aforementioned financial crisis led to more and more people turning to stable, by comparison, currencies such as Bitcoin.
Other countries mired in similar economic conditions, like Zimbabwe, have also seen an increase in crypto adoption. The demand is so great, that Bitcoin in the country is trading at well over the global average.
Developing countries such as South Africa, Kenya and Sudan are also eagerly hopping on board the Bitcoin train in a bid to combat their own country’s financial problems.
Countries like Russia and Israel are also hoping to benefit from virtual currencies, without the disruptive nature of centralized cryptocurrencies. Russia is hoping to develop its own CryptoRuble, while Israel has the aim of creating a digitized shekel.
Now your take on this argument.
We would also like to hear what you feel about the topic we discussed today. Your feedback is very important to us. Feel free to drop your comments and recommendations. If you have a contrary opinion, you can drop that too.
You can also join our Facebook Page CRMNigeria for more updates. You can do that by clicking on the link or searching for our page on Facebook.
You need to confirm your subscription by clicking on the link sent to you. You can check the spam folder for it. Add us to your mailing list to receive directly from us.
PS: Click on the link below to sign up for my Online E-Course CRM Training. Make sure you confirm your subscription by clicking on the link sent to you. Thanks.
Adeniyi Salau (CCNA, CEP, MOS, MCP, CSCU (Project 2016) is a Digital Marketer, Project Manager and SEO Expert of repute with about a decade of Blogging and online marketing experience. He is always ready to share his experience with others.