Venezuelan President: The price of the “petro” currency has doubled since its launch
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Answer Venezuelan President: The price of the “petro” currency has doubled since its launch
Venezuelan President Nicolas Maduro has proven that he does not shy away from controversy in any way. This is done through the creation of the nationally backed “petro” digital currency.
The president made some decisions that were followed by heavy criticism from industry experts. In light of this, the presidency once again made a decision regarding the national “petro cryptocurrency” in the country, which led to the strong discontent of a large number of financial experts inside and outside the country.
Maduro recently stated that the price of the petro had increased from 3,600 sovereign bolivars to 9,000, more than double its initial value.
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Presidential Decree
“Maduro announced this announcement on a state TV channel and at the same time raised the country’s minimum monthly wage by 150%.. This is the sixth time this year that the minimum wage has been raised.
However, it is important to note that the Petro Wallet has not yet been launched and the owners of the coins only have purchase certificates to prove their ownership.
While announcing the launch of the petro in August, Maduro announced that the coin would be directly linked to the country’s main currency, the sovereign bolívar Soberano. Following the president’s recent announcement, the relationship between the petro and the country’s main currency appears to be spurious.
Experts’ opinion on the increase in petro prices
As Venezuelan economist Leonardo Ponjac explained that under the recent presidential decree that the petro is now at 9,000 bolivars, what this means is that “the petro is not a cryptocurrency, but an stock of a predetermined debt or value,” adding: “It is impossible to The belief that it is a cryptocurrency when it is not given its value through the interaction between supply and demand.”
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