Petro: Maduro’s Dash-Copycat now official form of payment

“Hacia la revolutión digital”: off to the digital revolution. After the update of the white paper,  Venezuelan President Maduro speaks to Petro. This is since 1 October state tender.

The petro is considered the first government-issued cryptocurrency in the world. Nicolás Maduro, President of the Socialist Republic of Venezuela, officially launched the currency on October 1st. This is now the official means of payment of the South American state.

Although the Petro has been around since February, Maduro said last Monday to the Latin American TV channel Telesur to latest news. On the one hand, the authorities are expanding the range of mineral resources that are supposed to cover the value of the cryptocurrency. From now on, Venezuelan oil is no longer 100 percent, but only half of the collateral. The other half of the cover consists of gold, iron and diamonds – the three most important mineral resources in addition to oil.

On Twitter, Maduro comments:

“Now our digital currency Petro will be able to be even more strongly positioned so that it occupies a significant place in the economy of our country and the world.”

Opposite Telesur, Maduro also commented on the employment opportunities. So Petro would currently be offered by “six of the world’s largest Exchanges”.

New petro-white paper

Maduro’s new remarks are related to the publication of an updated White Paper . Although only one Spanish version is available so far; but it is interesting that the Petro is technically oriented to Dash. Both the proof-of-work algorithm and the masternode system are identical to those of Dash. However, points out on Twitter to Ethereum developer Joey Zhou that several technical illustrations have been copied from the Dash White Paper.

Venezuela’s Exodus

Due to the economic crisis, the Caribbean state is making headlines not only within the crypto scene . Food is scarce and inflation reaches peak levels of up to one million percent. According to UN data, 1.6 million people have fled abroad alone in the last three years.

In the meantime, the newly gained interest of the government in digital currencies is benefiting rather established coins. The petro was supposed to be the government’s response to a flourishing foreign exchange black market, which has been popular with cryptocurrencies for quite some time now. Although bitcoin mining is banned under penalty, demand has been rising significantly for some time. The plan to use its own cryptocurrency to stop the growing black market for foreign currencies in the country, is not yet.

Venezuelan hyperinflation seems to confirm at least one thing: True to the widespread narrative, bitcoin adaptation is accelerating in countries with dysfunctional currency regimes. The exodus in Venezuela will not be stopped by either Petro or Bitcoin.

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