Bitcoin Forum

Venezuela’s president Nicolas Maduro has ordered the country’s consular services, as well as several other services and gas stations, to accept any cryptocurrency including the nation’s own petro. In addition, he has announced the launch of another cryptocurrency, this time backed with gold.
Maduro’s Orders
Maduro has ordered various government services to accept any cryptocurrency including the petro, Venezuela’s oil-backed currency which began its private pre-sale on February 20. This announcement was broadcasted nationwide from the Miraflores Palace and also reported on the website of the Superintendency of Cryptocurrencies.

Read more https://news.bitcoin.com/venezuela-orders-government-services-to-accept-any-cryptocurrency/

This is a shocking development. From one being against the cryptospace now they are trying to fully embrace it. But I cannot decide if this is good or bad hehe.

Also, you have to ask yourself if their oil backed petrotoken isn't potentially violating US trade sanctions.

This is unbelievable. These were his words:
Do they have any idea what that means? I can spin up a new cryptocurrency right now. Will they accept it for payment as long as I can show some level of market liquidity for price discovery? There are literally thousands of coins that have some market value. The government would be completely insane to accept just any of them. Most coins have no market depth for them to liquidate into.

It also smells like an all-out cash grab -- or perhaps a crypto grab. "Let's tokenize our cooked balance sheets and fob the tokens off on everyone. Oh, by the way, we accept BTC for payment now!" It's an interesting ploy, but it comes off very desperate.


To me, it doesn't bode well. It seems like it might fast-forward a US government crackdown on cryptocurrency markets.

Now that Petro was released on NEM, I feel bad for anyone involved with the NEM Foundation. They might have some three-letter agencies coming to pay them a visit now. :P

Venezuela is getting to be so friendly with cryptocurrency. With the introduction of the Petro backed by its oil resources and this time planning to also launch another one backed by gold, I am sure that soon this country will be emerging as the cryptocurrency hub which can actually be helping to enhance its own malfunctioning economy. I am suggesting that if the country has enough power then they might as well promote Bitcoin and cryptocurrency mining.

I can sense that Nicolas Maduro and his cryptocurrency team is now thinking of integrating Petro to the whole cryptocurrency community that is why they are now accepting other cryptocurrencies. On this regard, I am suggesting that they invite more cryptocurrency exchanges to make this integration much easier.

Anyway, good luck to Mr. Maduro and the whole of Venezuela!

I am thinking of a reason why the NEM supporters, who were so loud in announcing their developments and progress in Japan, are so quiet with this one hehehe.

If the petrotoken does violate US sanctions, let's see how immutable and resistant to government action the NEM blockchain is.