I really started thinking that this perhaps would never take place and that the Venezuelan government had screwed it up like always.
So I was really surprised when I saw today that Maduro was offcially launching the Petro October 1st and that from there on it would be accepted for:
- Payments for Real Estate have to be done in Petros.
- Payments for international Flight Tickets.
- Payment of the Exit Tax in the airport.
- Payment of normal taxes in Venezuela.
- Payment for oil will have to be done in Petros.
- Everything else can be paid in Petros as well.
Maduro mentioned that the Petro will be traded on 6 international exchanges, he did not tell their names. I think those internationational exchanges will have to be on Venezuelan soil, as other big exchanges have said no because of the sanctions which the US government placed on every entity which touches the Petro.
NewsFlash from State-Television TeleSur:
On November 5th every normal venezuelan will be able to buy the Petro with the new sovereign Bolivar, which was launched just 2 months ago and save in Petros. If I remember correctly, the value of the sovereign Bolivar is fixed to 3600 sovereign Bolivars for 1 Petro. So Venezuela is the first country to back their paper currency by a cryptocurrency... I love this experiment!!!
Companies in Venezuela are allowed to have their accounting changed to Petros as a unit of account.
If this works and Venezuela resists to intervene and have different exchange rates for different food items or other stuff like this, which would ruin the experiment, then you can prepare for Iran, Argentina, Turkey etc... to come out with their on crypto-currencies, following the example of Venezuela.
They could say themselves: if even Venezuela is able to pull this off, we can do it as well
(Complete presentation in Spanish)
Finally a big bold step taken this is going to be a game changer lets see the outcomes
If they hold on to their promise and let the free market work, without artificial interference this can get really interesting. 😁
Venezuela do not have the pumping strength 😁😁😁.
It won't pump very hard.
Is Petros even decentralized?
And something that will be controlled by the government will still be centralized. Cryptocurrencies are best used independently and in chaos