Venezuelan President Nicolás Maduro is showing now signs of slowing down on his dream of making national cryptocurrency, the Petro, a thing.
Yesterday, Maduro got on state television to reveal his cryptocurrency brainchild will be used in international transactions starting from October 1, 2018.
“On October 1, the petro [sic] will enter the streets to become a means for commodity exchange, purchase and convertible currency for the whole world,” Maduro said (via Sputnik News).
Maduro has been pushing the Petro for some time. He has declared its use for housing the homeless, conducting oil trade, and even paying salaries. He also claimed it will help curtail the country’s savage levels of hyperinflation. But what these “international transactions” will actually be, remains to be seen.
That said, Reuters conducted a study last month which found that Petro is more of a whisper on the wind than a cryptocurrency.
Given that most nations are still struggling with the regulatory issues of cryptocurrency, it’s likely it will be some time yet before we see any noteworthy volume of Petro transactions.
It should also be noted launching a national cryptocurrency or ICO is a dangerous game. It might not work out as intended. Indeed, the Marshall Islands was recently warned to can its ICO or have its access to international aid revoked.
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Published September 21, 2018 — 12:35 UTC