Venezuelan President Supposedly New Cryptocurrency Doesn’t Exist

Venezuelan President Supposedly New Cryptocurrency Doesn’t Exist

Cryptocurrency News
August 31, 2018 by Jane
1233
Investigations by Reuters has found no evidence to back up Venezuelan president Nicolás Maduro claims about the sales of petro, the supposedly oil-reserve-backed national cryptocurrency he launched in February, which he claims have already raised $3.3 billion and that the coin is being used to pay for imports. The petro is not even a functional cryptocurrency as there is
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Investigations by Reuters has found no evidence to back up Venezuelan president Nicolás Maduro claims about the sales of petro, the supposedly oil-reserve-backed national cryptocurrency he launched in February, which he claims have already raised $3.3 billion and that the coin is being used to pay for imports.

The petro is not even a functional cryptocurrency as there is no thriving crypto trade in Venezuela and no shops take it, no major cryptocurrency exchange list it.

Reuters spent four months speaking with experts on cryptocurrencies and oil-field valuation, visiting oil reserve sites in Venezuela, and analyzing blockchain transactions.

They failed to find any oil activity, much of what they found were old rigs that had been there for years. There is very little evidence that the petro cryptocurrency is causing any sort of “oil boom” in the South American state.

Hugbel Roa, a cabinet minister involved in the project, confirmed to Reuters that “nobody has been able to make use of the petro … nor have any resources been received.

The Superintendence of Cryptoassets, The government agency set up to oversee the petro is awol as Reuters failed to locate a physical office for the agency. His website is not functioning. Its president, Joselit Ramirez, did not respond to messages on his personal social media accounts.

 

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