Stack of Petro concept coins on Venezuelan flag. Situation of Petro the cryptocurrency of Venezuela concept. 3D RenderingVenezuela’s Petro is not the answer to the hyperinflation of the bolivar. The socialist country introduced Petro in order to avoid international action sanctions and to stabilize the national economy after the collapse of the Fiat currency (the Bolivar). Petro is now rejected by traders even in their own country.
Crypto News: Even in Venezuela, petro is rejected
It is rare that the international central banks and the crypto-community are on the same side. But in the case of the Venezuelan Petro, everyone agreed: Petro is just a fraud!
The same opinion is now apparently held by the merchants in Venezuela itself, as they receive nothing else from the country’s central bank for the Petro than Bolivar. And thus Petro seems to have been coupled (at least nationally) to Bolivar, which also coupled the hyperinflation of Bolivar to Petro.
Internationally, investment in the petro was limited anyway. National developments confirm that the cryptocoin from Venezuela is just another attempt by the government to delay the inevitable collapse of its own economy.