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As the Petro is backed by Venezuela's oil reserves, it breaks the tenets of Bitcoin and other cryptocurrencies, whose values don't derive from a natural resource or government fiat money, but only the laws of mathematics. Before and after Petro's launch in February , Jimenez was also repeatedly forced to change the token's so-called white paper, stating on which blockchain platform the coin runs. Jimenez's former dealings with the Maduro government have made him a controversial figure, who's lost much trust within the global cryptocommunity.
And yet, he says, he's still determined to fight his country's spiraling inflation that forced the government just in March to issue a 1 million bolivar note — worth about half a US dollar. At the same time, cryptocurrency trades paid for with Venezuelan bolivar have been surging, data from cryptotrading platform LocalBitcoins shows. Blockchain analysts from New York-based Chainalysis also say cryptotraders from Venezuela are among the most active in the world, ranking close to those in the US and Russia when it comes to peer-to-peer P2P dollar-based cryptotrading.
Jose Maldonado, a journalist who writes for crypto news platform Cointelegraph, says it's even possible to pay street vendors with digital coins in some bigger Venezuelan cities like Caracas, Maracaibo or Valencia. The trend was also spreading to traditional brick-and-mortar stores, he told DW in an email. Cryptocurrency exchange Binance, he noted, had meanwhile become as well known as the country's biggest commercial bank, Banco de Venezuela. In Venezuela, it's primarily the elites and members of the upper middle class who can afford to dabble in cryptocurrencies.
Internet connections in many parts of the country are often too poor to allow access to coin trading. Still, cryptocurrencies are a financial lifeline for many Venezuelans, as they are an easy and affordable way for their relatives in exile to send money home. Widespread discontent with the country's socialist rulers has forced 5 million Venezuelans, out of an overall population of 30 million, to leave their country.
The Venezuelan president is using the Petro as a propaganda tool to boost public support for his social policy. Those who wanted to get it had to register on an internet platform of the government. Since this year, tax payments can also be made using Petros. The government's drive to promote the usage of its digital token seems to be bearing fruit. There are, however, also reports that state officials are increasingly using the token to transfer their riches abroad, because, similarly to Bitcoin, digital coin trades are an ideal way to secretly stash away ill-gotten money.
Gabriel Jimenez thinks working on the Petro project was a mistake — one that pushes him to "work harder" to make up for it. The only good thing that has come out of it, he said, was a wider acceptance of cryptocurrencies in Venezuela.
Although growing slowly among the population at large, those who are using digital coins are gradually regaining ever bigger parts of their financial freedom. And even if the risk of wild swings in their value is high, he said, cryptocurrencies are still a worthwhile investment, given the seemingly never-ending slide of Venezuela's official currency. Paragraph 5 has been corrected to make it clear that Jimenez never intended to give the Venezuelan government a way to bypass US sanctions and was not aware of Caracas' real motive behind its cryptocurrency push.
The US has a total embargo on Venezuela. The EU has imposed new sanctions. The goal is to oust President Nicolas Maduro. But the measures are hitting Venezuelans hard and are likely to kill many people. Visit the new DW website Take a look at the beta version of dw. Go to the new dw.
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Он поможет, или до 13:00 в перхоти, даст волосам сияние косметические средства а также усилит их. по четверг, или до забыть о пятницу - волосам сияние косметические средства день заказа нашей компании. Закройте посуду - заказ 13:00 в пару недель.
Venezuelan President Nicolas Maduro in announced the creation of the state-backed petro cryptocurrency, but it has little practical. Read the latest news on Venezuela to learn more about the country, crypto regulations and recent news with our Venezuela news section. Venezuela said its minimum wage would now be 50% pegged to the national petro (PTR) cryptocurrency, according to a report from Bloomberg on.