CARACAS, Venezuela – Maduro’s government randomly suspended its fraudulent cryptocurrency, the Petro, in January.
The “Petro” was one of many failed “brilliant” ideas that the regime imposed on the country in the guise of benefiting the people, but reportedly used it to steal further from the dwindling national treasury. It is said that he did.
A socialist regime will celebrate the petro as this novel, futuristic currency that will somehow (don’t ask me how) solve all of our economic woes – all of which will come from society. It was caused by the regime itself. Most of the petro trading took place within the regime’s China.inspired Motherland platform that effectively functions as our social credit system.platform invalid On January 15th, all petro-related operations were suspended and the scam was permanently eliminated.
Cryptocurrency is now a tried-and-true financial product for those tech-savvy enough to tackle its complexities. In Latin America, examples are currently occurring in El Salvador, which has adopted Bitcoin as a legal tender, and Argentina, which recently hosted Bitcoin. beginning Rental and lease contracts in Bitcoin thanks to senior presidential official Javier Millay proclamation Wiped out hundreds of socialist regulations.
For Venezuelans, cryptocurrencies like Bitcoin were one of the few ways they were able to survive during the collapse of socialism and the hellish hyperinflation that engulfed the country in the late 2010s. I can personally attest to that, as Bitcoin, Ethereum, and Tether have saved me many times over the last few years.
You can use cryptocurrencies to save money, make payments, and even send money to friends and family outside of the regulations of authoritarian governments. Socialist dictator Nicolas Maduro and his regime saw in the decentralized nature of cryptocurrencies a way to “circumvent” sanctions imposed in response to continued human rights violations. Sanctions have succeeded in depriving the regime of its regular sources of funding and draining its personal finances.
Thus, the now defunct Petro scam was born.In a twist of karmic irony, Peter was right. fired It has been a scam since the service was launched in 2018, but ultimately… disappear At least according to the Maduro regime, the regime’s oil revenue is $3 billion.
The Petro was sold as a “salvation” for Venezuela at a time when our currency, the Venezuelan bolivar, was completely worthless. At the time, the socialist government claimed that this cryptocurrency was different from other cryptocurrencies.corroboratedThis is due to Venezuela’s natural resources such as oil, gas, gold, diamonds, and other valuable minerals.
You may be wondering, “How do virtual currencies work?” The usual We get value from supply and demand — do we get value from the country’s resources?” Socialist regimes also failed to understand this.
where it is still accessible Website, the Maduro regime published what appeared to be an elaborate mathematical equation, claiming it would use it to explain how existing natural resources underpin the value of the petro. Administration officials almost immediately walked back their “calculations,” admitting that prices were only set at an average of $60 per vehicle.
A “mathematical” equation published by Venezuela’s socialist government to explain how the “Petro” fraudulent virtual currency was allegedly backed by natural resources existing on Venezuelan soil. Shortly after, the administration admitted that it had randomly fixed the price of the petro at $60 per unit. (Venezuela Government White Paper)
The “relief” part of the petro, and the part that supposedly benefits the Venezuelan people, was President Maduro’s policy. Claim The country’s minimum wage has always been worth “half a petro,” or $30 a month.Like many others, this was a complete lieno one will be surprised.
But one thing that wasn’t a lie was that the socialist regime used the Petro to add new obstacles to fleeing the country.The administration quickly fixed costs. passport, apostille, and other document-related services to the Petro, ensuring that those services will always remain prohibitively expensive for the average poor citizen. In 2023, I had to pay the equivalent of $215 to get a new Venezuelan passport. For comparison, Venezuela’s monthly minimum wage was currently $3.60. December 2023. Even though the petro has been abolished, passports still remain. Fee $200.
SUNACRIP, the socialist regime’s National Crypto Asset Supervisory Authority and Petro authority, has disappeared. The building that housed the office has now been repurposed and renamed the ‘Essequibo Building’ as part of the new scam. Annex About two-thirds of neighboring Guyana has been disputed by Venezuela for more than a century.
#28 dick #caracas @RobertLobo_ : “Lo queera la torre “Sunacrip”, Av. Urdaneta, Caracas, ahora es la torre “Esequibo”. No quedará rastro de lo q fue la Sunacrip y el Petro.
Tarek El Aissami’s all danpoco and eat miles of $$desfarcados. ” pic.twitter.com/vn3wm6UyWd— ReporteYa (@ReporteYa) December 28, 2023
former US president donald trump Banned Americans can be spared from being involved in this cryptocurrency scam, which could save them from falling victim to it.
Petro, and the entire plan that the socialist regime has built to maintain the façade, is dysfunctional to the point where President Maduro no longer needs it.Biden administration generously grants Maduro oil and gas sanctions relief packagethe socialist regime has once again acquired the main source of income – which, by the way, is received in the form of US dollars, and not in fabricated cryptocurrencies.
Christian K. Caruso is a Venezuelan writer who chronicles life under socialism. You can follow him on Twitter here.
