Following Maduro’s Thursday announcement, Venezuelan economist Leonardo Buniak explained that the petro “was worth 3,600 Bs.s because the Dicom dollar cost 60 and the oil cost 60,” Atodomomento publication reported. He added, “now a petro is decreed at 9,000 Bs.s … you have just devalued the sovereign bolivar with respect to the petro and by more than 100%.”
Buniak also asserted that “the petro cannot be called a cryptocurrency because the value was given by President Maduro and not the interaction between supply and demand,” the publication conveyed.
Furthermore, the wallet for the petro is still unavailable. The links to download them for Windows and Linux still pop up the message: “This wallet will soon be available for your operating system.” In addition, Tarek El Aissami, the country’s economic minister and former vice president, previously explained that Google has removed the Android app for the petro wallet from the Google Play store.
So the petro is a cryptocurrency you can’t mine, backed by oil Venezuela can’t recover, to bolster an economy which has already basically ceased to exist.
As I said, socialist thugs decree a lot of things, but what they plan and what takes place ain’t ever exactly been similar.