This article is about the Petro cryptocurrency vs a Digital Bolivar.
that president is trying to bring to the public and the peoples of Venezuela.
First we will talk about the Petro cryptocurrency.
Petro is a centralized crypto currency or a CBDC, that is mined strictly by the Venezuelan government. created in 2009 by ex-president Hugo Chavez white paper and published to the Venezuelan public in 2018 by Nicolas Maduro. The Petro was already dead from its inception, meaning that the people had no confidence on the coin, due to high or hyper inflation in the country. They did some airdrops but only to government workers and some people that were subscribed to the Patria platform (Government Aid program). On top of that a country were the internet is not available to more then 45% of the population. and with many power outages on a daily bases in mayor capital cities. Despite all that negative talk, that I just mentioned.
The Venezuelan Government went ahead and created this coin to find ways to escape the sanctions. in Venezuela many people know what Cryptocurrency are but they don't know how to use or transact with such tech. Cryptocurrency here is a way for us the people to save money here. our little earning that we manage to have saved. with a minimum wage at 3$ dollars a month. keep in mind that we are the largest oil producing nation in South America. ( yes there are heavy sanctions on the government put in play by the European Union And the EEUU.) reducing the oil industry to a 700 thousand barrels per day when we use to produce 4 million barrels a day.
The Petro is pegged to the barrel of oil. so what ever the price of oil on the market. That's what the price of the Petro is as well. So its more like a O.P.E.C. coin for Venezuela. It is also backed by rare earth minerals and other commodities like ( Gold, Coltan and coal many others) the government of Venezuela uses this coin the Petro to build free homes and apartments that the government gives to citizens and non citizens alike. a lottery of home giveaways. The people that received such coins on the air drops, they can exchange the coins for Food or groceries like fiat money. Because the coin is consider a stable-coin that's why people don't buy such coins, because its difficult to buy and expensive. TRADING Petro is only done trough the Petro app or Cryptobuyer.com any other Government affiliated exchanges. You will not see it on Binance.com or cryptomarket.com or livecoinwatch.com or any real international sites.
Minning in Venezuela: the fact is, that there are heavy laws for miners in Venezuela. You have to register your miner at a government agency named Sunacrip. If you are not register this can be removed from your home at any time and you will be detained and pay the fee in Petros. So mining in Venezuela its a very touching subject only government people are the ones who have and own mining farms. the energy consumption here is a very delicate subject.
with all that said Now Nicolas Maduro and the Government is trying to put in play a CBDC digital Bolivar. what a joke. so two digital currencies in a country with no education on crypto. in Venezuela most of the people struggle to have cash so they are working on a digital Bolivar do to the fact that there is no cash liquidity in the streets of Venezuela. Cash here is worthless the bolivars price is 3.100,000.00 BFS to $1 US Dollar. so the government one: cant afford to keep buying new paper fiat money cuz they are not printed here. two: Every 2 to 3 years they have to come up with new money. In the EEUU you have 1 5 10 20 50 100 dollar bills. Well here we went from that system to 200k 500k 1000k and now 20 50 100 200 500 million Bolivars. If the new Digital Bolivar is a digital equivalent of the same system, the CBDC is just another joke and more inflation is do to come. the only difference is that its digital. hope other countries don't follow the same path on their CBDC's. that would only make our real cryptos more valuable, making crypto market the new market of all coins to be pegged to as real value.
10-countries-most-natural-resources article in (investopedia.) link below.
8. Venezuela
This South American country has an estimated $14.3 trillion worth of natural resources. It is the leading exporter of bauxite, coal, gold, iron ore, and oil. The country's oil reserves are greater than those of the United States, Canada, and Mexico combined. Venezuela is the third-largest producer of coal after Brazil and Colombia. It also has the eighth-largest reserves of natural gas accounting for 2.7% of the global supply. Venezuela also has the second-largest reserves of gold deposits.
I love my country of Venezuela I really do. I've been here now close to 12 years. Raised in Miami Beach Florida EEUU. With that said, I wrote to write this article trying Not to get to political. I am a active member of a political party here named Primero Venezuela. Non government affiliated so I am part of the opposition of Venezuela.
Jose Cruz
the Money Making Machine
