Venezuela adopts crypto for economic improvement

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It is reported that Venezuela has faced many problems for their economic growth. Their economic problem getting worse when the US gives sanctions to Venezuela. That sanctions made a big impact on Venezuela economic system. The result was Venezuela financial system has been cut off from the global system.

But it seems, Venezuelan Government finally found a solution to their economic problems. In early December 2017, Venezuelan President, Nicolas Maduro made an announcement that Venezuela will launch their own Petro Cryptocurrency.

Maduro said, using Petro Cryptocurrency can help Venezuela to survive from their economic problem. Maduro also said, with Petro, Venezuela can overcome global financial and economic blockade.

Venezuela introduce a digital token called the Petro

Nicolas Maduro, President of Venezuela made a surprise announcement on Venezuelan Television, saying the government will launch digital token which called the Petro. This digital token officially will goes up for sale on 20 February.

With this launched event, Venezuela government hopes will attract a big investor to investing this Petro token.

Latest news reported that, finally Venezuela’s Petro token raised around $735 million. One Petro token equal to the price of one barrel of Venezuelan oil. This information has been claimed by Nicolas Maduro on his personal Twitter account.

An 27-year-old Venezuelan is the man behind Petro Token

It was Gabriel Jimenez, a technology entrepreneur who helped Venezuelan government to develop and manage Venezuela’s Petro token. It’s been  7 months Jimenez doing research and made a concept about Petro token.

Jimenez has said that this project is very ambitious. But very beneficial for Venezuelan economy and financial condition. Jimenez and his government team working in some secret place which located in Caracas. He only got paid with Petro token, not Venezuelan currency.

This solution might work for Venezuelan problem, but the question is, for how long? This situation is problematic. No countries in the world which can survive with facing a blockade from superpower countries like the U.S and Europe.

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Vanessa is a passionate writer, diving into different subjects like travel, food, health and of course cryptocurrency and blockchain technology.