Venezuela Launches Oil-Backed Cryptocurrency Petrocoin to Save Economic Crises

[Jeffery Musk]

Petrocoin, Venezuela’s new oil-backed digital currency could be the only hope to pull the country out of economic crisis. According to estimate, 1 Petro coin is worth $60 with about 100 million tokens to be issued.
Know More: https://coinpedia.org/news/venezuela-oil-backed-cryptocurrency-petrocoin/

[1715118972]

1715118972

[1715118972]

1715118972

[damberg]

Petro is simply a bond for Venezuelan government. They made centralized cryptocurrency without intentions for further technical development, and the "oil-backing" is just a phrase. They can convert Petro in any rate to bolivar (local currency) at any time.

No value added and no good news for starving Venezuelan citizens.

[dhemasm]

So it is more like a centralized digital currency And yes I agree with my opinion above. "Backed-Oil" Maybe just a figurative word, Idk is just my opinion I'll wait for further news.

[thinhthai]

We can't make too early conclusion. Just wait what they do, the world keeps the eyes on them

[o_e_l_e_o]

Please see my response to another thread about this coin. You are being complicit in innocent deaths if you invest in it.

No. Do NOT invest in this.

Firstly, if you are American, you are breaching government sanctions against Venezuela if you invest (see https://www.express.co.uk/news/world/921931/petro-us-treasury-sanctions-cryptocurrency-bitcoin-ethereum-violation-venezuela). Any assests you have or gains you make will be seized,  and you could face jail time.

Secondly, it is morally reprehensible. You will literally be handing your money to a murderous dictatorship that is starving and killing the Venezuelan people.

Thirdly, their oil sector is non existent. It is a shitcoin.

[maxxdxx]

I read it's an Ethereum-based ERC20 token. This is great for crypto and BTC in particular, because in the end, the Petro will have to trade against BTC to finds its true value, which should wake up a lot of people to what were trying to do here.

[baron5982]

Please see my response to another thread about this coin. You are being complicit in innocent deaths if you invest in it.

No. Do NOT invest in this.

Firstly, if you are American, you are breaching government sanctions against Venezuela if you invest (see https://www.express.co.uk/news/world/921931/petro-us-treasury-sanctions-cryptocurrency-bitcoin-ethereum-violation-venezuela). Any assests you have or gains you make will be seized,  and you could face jail time.

Secondly, it is morally reprehensible. You will literally be handing your money to a murderous dictatorship that is starving and killing the Venezuelan people.

Thirdly, their oil sector is non existent. It is a shitcoin.

Fully agree！

[markj113]

Are sanctions helping to cause the starvation and death the Venezuelan people?

Imposed sanctions never have a negative impact on those at the top of the tree, just the everyday people that cant get food or essential medical care products.

[pedropendukot]

Morelikely going to be another XRP,the world oil backup is just a clickbait to gain popularity and get a lot of investors to join in.The PTR coins wont be using blockchain instead they will use the government's exchanges,so this would be another centralized coin in the market.I dont want any fake decentralized currency to be added again,XRP is enough deception to the cryptocurrencies.