Venezuela’s Cryptocurrency Petro Has No Users, No Investors and No Oil to Back It Up

[Tom Kirkman + 8,860]

This press release was based on a Reuter's special report, found here.

Summary:

The Reuters news agency has issued a special report from Venezuela, casting serious doubts about the viability of its national oil-backed govcoin, the petro. Following a four-month investigation on the ground into the matter, the agency was unable to find any users, investors or readily recoverable resources that back up the currency. Moreover, the Maduro government appears to be unable to explain where the development process stands and its efforts to promote it are in disarray.

[Tom Kirkman + 8,860]

Oilprice main site reported on this, it's their top story today:

The Collapse Of Venezuela's Imaginary Oil Currency

[Dan Warnick + 6,100]

13 hours ago, Tom Kirkman said:

Oilprice main site reported on this, it's their top story today:

The Collapse Of Venezuela's Imaginary Oil Currency

So, it would appear that the new currency is just for internal purposes.  If the locals cannot confirm anything about it, they have no choice but to accept it, and if they don't they don't have any valid money to spend at all.

[msk + 42]

On 9/4/2018 at 10:44 AM, Dan Warnick said:

So, it would appear that the new currency is just for internal purposes.  If the locals cannot confirm anything about it, they have no choice but to accept it, and if they don't they don't have any valid money to spend at all.

I'm in contact with several journalists in the crypto space from Venezuela - No one uses it. It's not accepted anywhere. None of them even believe it exists X__X 

[CMOP + 227]

@jose chalhoub any word on this? 

Are civilians aware of this? As @Dan Warnick mentions it must play an internal "role"

 

[jose chalhoub + 388]

agreed with the overall opinion here. Even there's one chain of stores here that "accepts" petros as method of payment, but nope, nobody uses it, nobody mines petros, nothing, nada, zero... its just a pretty damn scam.. period.