It is not good news, neither for Venezuela nor for the cryptocurrency community, we will see later why, the fact is that, as reported by some Venezuelan users on Reddit, the PTR, the state stablecoin anchored to the price of oil, would already be suffering the grip of inflation; according to what Reddit users report, in fact, despite the government has set the value of the PTR at $ 60 on LocalBitcoin, the currency is traded at half its value.

Just to avoid all this, the government, which has just distributed the thirteenths by paying a share in PTR, had initially imposed that the new currency should only be used to buy food through a special state app; the race for groceries, however, quickly prompted institutions to close the app, after all the PTR had just been distributed to 6 million Venezuelans and the shops that had joined the initiative could not in any way withstand such high demand.

The most logical alternative, therefore, is to exchange PTR with BTC on LocalBitcoin, after all the currency invented by Satoshi is commonly accepted in the country, more than the same state crypto and there are several sellers who are buying Petro by paying it in Bitcoin; the problem is that, clearly, to do so they discount the value of PTR in an important way, which has therefore precipitated.

To make things even more complicated there is that the bolivar is still circulating in the country and the paradox is that it is easier to buy food using a hyperinflationary currency such as the bolivar, which however everyone accepts, than the Petro who does not accept almost anyone .

According to the rumors circulating online, therefore, it seems that the Venezuelans are desperately trying to get rid of the Petro donated by the government, with the result of plunging the price.

This is bad news for Venezuela, grappling with a very serious economic situation and with two legal tender currencies (one-of-a-kind case), one of which is hyperinflationary, the bolivar, and the other that practically nobody accepts as a form of payment in exchange with other currencies; however, bad news is also for the cryptocurrency community, if the Venezuelan experiment fails, in fact, the detractors of the virtual currencies would have a new argument with which to spread FUD and try to stem the adoption of those currencies that, like BTC, although they have basically nothing in common with the PTR, they can be easily confused with the latter by those who know this world only by hearsay.

In other words, if the PTR fails, it would be difficult to explain to a person who knows little or nothing about encrypted coins that BTC is a coin that has nothing to do with Petro.

Despite Maduro's efforts to support the new state crypto, therefore, I believe it is necessary that the Venezuelan government take the issue head-on and make a clear and definitive choice of field; at this time too many coins are circulating in the country for the PTR to establish itself, in addition to the bolivar, which still has legal tender, we remember in fact that there are at least two other currencies that Venezuelans now habitually use, BTC, of ​​course, and DASH, which also adds Decred which is a currency particularly widespread throughout Latin America.

In my opinion, there are only two ways to go, either to withdraw the bolivar and try the all in on the PTR, or to accept becoming the first country in the world without a FIAT currency and invest everything in BTC.

Useful links: 1000 USDT per person for the first 500