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Can Venezuela Step Back to the Dollar with Petro Koin?

In 2019, Venezuela will start selling oil with Petro Coin and will eliminate sanctions imposed by the US.

In December 2017, President Nicolas Maduro of Venezuela Announces controversial crypto-money Petro to overcome US sanctions and prevent Venezuela's economic downturn. Since then, Maduro has taken several steps to secure Petro adoption. For example, Petro made the passport payments obligatory. From November 1, the new passport was announced as Petro koin to extend the duration of the passport while getting 2 petro coins.

Another initiative that supports Petro's adoption is to present Petro in 2019 to the Organization of Petroleum Exporting Countries (OPEC) and to turn it into the main digital currency supported by oil. The government thinks that such a step will be an important step in strengthening and strengthening the country's economy.

In recent days, Nicolas Maduro announced on state television that Venezuela was working on a program to sell oil production in 2019 with Petro. Maduro described the benefits of using Petro as he made his speech would lead to greater dynamism and security for the Venezuelans.

#envivo 📹 | The news at Luego culminado de la federación de Rusia, ofrecemos de la extraordinaria jornada. https://t.co/8hZxovX1pZ

- Nicolás Maduro (@NicolasMaduro) December 6, 2018

According to the report prepared by the state television TeleSUR media, the sales schedule of Venezuela's oil reserves with Petro will be announced in 2019.

Maduro:

It is necessary to promote a balanced, fair and diverse monetary system in which the dollar enters as an exchange rate but is not used as a political mechanism.

Measure also, diversification of the international market and allied countries through crypto currencies new forms of payment aims to adopt.

Is Petro a scam?

Petro was released in February as a pre-sales economic recovery tool. Developed by the government, Petro is supported by the country's natural resources. Maduro claims that the currency strengthens the recently announced economic care plan and transforms the global crypto economy into a new form of trade, finance and money exchanges.

However, experts and analysts are skeptical that Venezuela is truly backed by cryptopara's oil assets and minerals. Some think that Petro is trying to destroy Venezuela's sanctions and to mask the annoying lack of an internal economy.

According to Alex Tapscott of the Blockchain Research Institute, there is no evidence that every unit of Petro is supported by oil. The International Monetary Fund (IMF) is not optimistic about solving the country's problems with Petro. According to the IMF, Venezuela's economy will be reduced by 18 percent this year and inflation is expected to be 1.370,000 percent.

Source: Coinspeaker

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Source: Cointelegraph