“Provided oil” digital El Petro currency can be exchanged for other digital assets only if a Venezuelan coins purchased before the end of this year. This is the official Twitter account of the TV channel Telesur TV.
.@NicolasMaduro Todo el que compre Petro hasta el 31 de diciembre de 2018 podrá convertirlo en cualquier moneda o divisa convertible digital internacional #AhorroEnPetros pic.twitter.com/RHgxSmVIPn
— teleSUR TV (@teleSURtv) 6 Listopad 2018 R.
In December of 2017 amid a protracted economic crisis and hyperinflation of the national currency, President Maduro announced the creation of a national cryptocurrency El Petro, allegedly backed by the oil reserves of the country.
Despite the ban of the Parliament, in February 2018 started private pre-sale of tokens, in which, according to Maduro, managed to raise about $5 billion, the national Assembly of Venezuela, criticized the presidential decree scriptactive, but a month later approved the document.
In March, the President of the United States Donald trump has signed a decree banning the participation of citizens of the United States in transactions with Petro El, because it opens up Venezuela ways to bypass international sanctions.
In September, the news Agency Reuters conducted an investigation to find out what is provided by El Petro. Reporters found that the notorious oil field being developed.
Residents also complained that cryptocurrency no one takes in everyday life, despite the pegging of the national currency Bolivar to El Petro. According to the decree, the minimum wage is set at 0.5 El Petro, or 1,800 bolivars. The assurances of President Maduro, this step will increase the incomes of 60. However, in June the minimum wage in Venezuela was at 3 million bolivars on the black market consistent with just $0,5.
The government of Venezuela has not stopped. Banks began to actively incorporate the cryptocurrency into its infrastructure and display balances in user accounts are translated at the El Petro. And 9 November, the Minister of oil has announced plans to “make El Petro main digital currency OPEC [organization of countries-exporters of oil]”.
In August, the government of resource-rich Latin American countries conducted a denomination — a Cup of coffee instead of 2 500 000 bolivars was worth 25 bolívar soberano (“sovereign bolivars”). Thus, of the denomination of the national currency was removed five zeros. Also, according to Maduro, the local currency tied to the price of Petro El.
However, just a couple of months the price of a Cup of coffee has grown to 120 bolivars.
Bloomberg estimates annual inflation in the country at 149 000%.