The president of the National Cryptocurrencies Association of Venezuela (Asonacrip) praised the recent bull run seen in bitcoin prices in general, which “favors the usefulness of a very new crypto asset,” such as the petro (PTR).
Petro Gets Strength Due To Its Surge Prices In The Secondary Market, Asonacrip Venezuela Says
During an interview with Venezuelan TV channel Globovisión, Jose Ángel Álvarez highlighted that state-backed cryptocurrency is beginning to “gather strength” because they witnessed a surge in secondary market citations.
This is put in the context of adopting gas station owners who operate petrol payments, allowing their customers to pay for services with PTR, Álvarez said. He added that PDVA – Venezuela’s state-owned oil and natural gas company – also receives payments in PTR.
However, Asonacrip’s president believes that U.S. sanctions on the petro still represent an obstacle because it cannot spread globally. As a result, the crypto asset can only be traded in Venezuela.
On June 11, Venezuelan president Nicolás Maduro claimed that nearly 15% of all fuel payments at petrol stations were made using the state-backed cryptocurrency.
Although the figures revealed over the year by the government show that Venezuelans are still struggling to find usefulness for the petro. Emphasizing the need to strengthen education on cryptocurrencies nationwide, Álvarez said:
The power in the knowledge, if ordinary Venezuelans, professionals, businessmen, start to understand how bitcoin can change the world, how petro can change the national economy and we are making a great national deal in favor of it. to get real benefits.
Petro Real Quote
The current price of the petro is unclear as the crypto asset is not quoted against foreign fiat currency. Still, Álvarez Asonacrip throws some light on the cryptocurrency quote that was supposed to equal 1 barrel of Venezuelan oil. He explained:
At present, the value of petrol in the primary market exceeds 60 million bolivars. What happens is that there are two markets: the primary market, that of the issuing entity market, and the secondary market case that involves people, companies and organizations that interact directly and define how much you ‘ n pay it or how much we pay for the price of a digital asset.
At current market prices, 1,061,053 bolívars equals $ 1 dollar.
On November 30, news.Bitcoin.com reported that the Venezuelan Army had set up a crypto mining center with bitcoin mining equipment (BTC) to generate “unrestricted income,” managed by the 61st Engineer Agustín Codazzi Conditioning Brigade.
Do you think the petro in 2021 will trade on foreign crypto exchanges? Let us know in the comments section below.
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