Technology is Slowly Becoming Money – Petro through Transitions and SanctionsOctober 17, 2019
Maduro is aggressive about improving the ecosystem for Petro. Merchants and retail stores across the country are now adopting the Petro.
The number of petro-friendly retail stores in the country has increased. The Petro seems to be the technological saviour for the economy of the country.
There is a political stand-off for the Petro, but despite this, Venezuelans are beginning to trade the Petros. Informal transactions are happening among people, and some of them are transacting through state-approved exchanges.
Petros (PTR) can be now be brought through authorized exchanges by using the BTC or the LTC. The trading volume for the Petros is on the rise.
Crypto trading has been increasing every year. This has led Venezuelans to seek new alternatives when it comes to generating income. Trading is one of the new options used to generate revenue.
Traders get an opening to be able to invest in the petro just like they would in any other kind of Altcoins. Investors get to buy the Petro for meager costs, and when its value increases, they can make profits from it.
Some are buying Petro for mere novelty. The US government sanctions trading Petros. And several traders are not willing to share their opinions due to political repercussions.
The Petro now comfortably works like a bank to a bank transfer, and it is gaining traction among the citizens.
All the buyers of the Petros are takers. Any sale is immediately happening, but the transaction history is not traceable. Investors are trading petro via over the counter trading groups on the telegram. Informal commerce is a very common happening among Venezuelans. They use it to buy food, medicine, and other basic needs.
The start of the petro was not exciting. It was put to questioning from Day #1, and there was a lot of damage done to its credibility due to changes in its white paper, unfulfilled promises on primary listings, unexplained shutdowns, and more.
The buying and selling of Petro will forever be politicized due to the original goal of Maduro to bypass the sanctions using the Petro.
In some countries, the cryptocurrency ecosystem does not seem to gain any traction or recognition. It continues to be in the gray area. Slowly, several nations are trying to give a softer approach to the use of cryptocurrencies. Regardless of its volatility and situations of sanctions, Zimbabwe, Argentina, and Venezuela have adopted to crypto. The slimline between technology and money and technology becoming money exists, though.