Public employees and retirees receive payments in petro. The cryptocurrency’s price increased in other markets but was undue to high demand.
The “petro” has become a reference in the Venezuelan routine and yet another item of its financial structure. The Venezuelan government launched the national currency as the alternative solution for the nation and its crushed economy, an economy laid low with devaluation, hyperinflation, internal political-commercial struggles, and international sanctions.
The goal was to count on a currency backed by goods like oil, gas, gold, and precious stones like diamonds. Therefore, with centralized development, this asset got created to fight against the so-called war of finances.
The petro came to light to spice up the monetary sovereignty, overcome the blockade applied by the United States of America, and achieve new methods to receive financing from friendly nations.
To make this strategy work, the executive encouraged its internal commercial use, sustained a series of conversations with various companies abroad so that it would get accepted as a payment method, and favored its reception within the country’s public entities for government measures, procedures, and daily routines.
Regulations Keep Encouraging Petro and Also Bolívar Over Other Currencies and Assets
However, the petro failed to adapt to Venezuelan society as the government desired, nor did it manage to seduce international entities. With a dollarized economy and citizens trying new financial methods, the country’s commercial sector just kept carrying out its activities without the petro.
The petro serves to purchase primordial goods like gasoline in verified places, among some merchants that accept its use, and it also works with activities in the migratory field, just like the purchase of airline tickets, taxes, and documents.
Economists, CEO, and experts in digital currencies highlight that with the increase of signs in businesses that accept the petro, some question arises about how many people are using the Venezuelan cryptocurrency today.
Experts Share their Opinion
Some experts highlighted that using the petro as a method of payment happens because workers, public employees, retirees, and other citizens receive a substantial part of their payments with this digital currency.
The asset enters their wallets on the Patria subsidy platform or in the PetroApp application; once they receive it, they’ll use the digital asset to carry out payments to third parties.
Likewise, among the immense population in Venezuela, there is still a bunch of citizens that keep these assets and even hold them because they think their use would be obligatory within the years to come. Therefore, to anticipate the monetary disaster that this situation would create in the upcoming years, many citizens prefer to hold petro in their reserves.
By: Jenson Nuñez
