Venezuela is still making news long after the country?s economy began to take a turn for the worse. As one of the ways to mitigate the effects of the downturn, the government introduced a national cryptocurrency, the Petro. Now, the country?s highest court decrees the Petro to settle compensation in legal cases.
The government of Venezuela is working hard to lift the image of the Petro in the public eyes. However, there seems to be less interest in the cryptocurrency. The Petro has an appeal bordering on zero, the Miami Herald observes.
Dead in the womb
In particular, the government first launched the project back in March, a process which it keeps repeating. Interestingly, many analysts observe that the Petro is a classic case of the project that stumbled at the starting line.
According to financial experts, the Petro is a project dead in the womb. Further, they note that the cryptocurrency does not meet the basic standards of the existing cryptocurrencies.
Another Reuters report indicates that the cryptocurrency is non-existent in Venezuela. Per the report, the residents only hear of the Petro from the media.
?It turns out that Venezuela?s petro is hard to spot almost anywhere. Over a period of four months, Reuters spoke with a dozen experts on cryptocurrencies and oil-field valuation, traveled to the site of the pledged oil reserves and scoured the coin?s digital transaction records in an effort to learn more,? Reuters reveals in the report.
Petro to settle compensation as a way to push for Petro adoption
However, the negative media is not doing anything to discourage the government from further pursuit of Petro. Reportedly, the Venezuelan government is encouraging transactions in Petro with the northern region of Brazil. As per Prensa Latina, Justo Noguera, governor of the state of Bolivar announced the move.
Therefore, news of Petro to settle compensation is unsurprising. This is definitely another effort to push the Petro towards mainstream use. In other extreme measures, the government urged banks to adopt the Petro. In particular, the government directed that all banks, private and public must give their financial statements in Petro.