The president of the National Association of Cryptocurrencies of Venezuela (Asonacrip) praised the recent bull run in bitcoin prices across the board, which is “advancing the usability of a very new crypto asset,” such as the petro (PTR).
Petro is gaining momentum due to rising prices in the secondary market, Venezuela’s Asonacrip says
During a interview with Venezuelan TV channel Globovisión, Jose Ángel Álvarez pointed out that the state-backed cryptocurrency is “ starting to gain momentum ” as they witness a surge in secondary market quotes.
This is given in the context of the adoption of gas station owners implementing petro payments, allowing their customers to pay for services with PTR, Álvarez said. He added that PDVA – Venezuela’s oil and natural gas company – also accepts payments in PTR.
However, Asonacrip’s president believes that US sanctions on the petro are still a hurdle as 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 gas stations were made using state-backed cryptocurrency.
Although the figures released by the government during the year show that Venezuelans are still doing it struggle to find utility for the petro. Álvarez stressed the need to strengthen education about cryptocurrencies across the country, noting:
The power is in the information, as ordinary Venezuelans, professionals, business people start to understand how bitcoin can change the world, how the petro can change the national economy and we are making a big national agreement on that. to get real benefits.
The real quote from Petro
There is no clarity on the current price of the petro as the crypto asset is not quoted against foreign fiat currencies. Still, Asonacrip’s Álvarez shed some light on the cryptocurrency’s quote that should be equal to 1 barrel of Venezuelan oil. He explained:
At present, the value of the petro in the primary market is more than 60 million bolivars. What happens is that there are two markets: the primary market, which is the market of the issuing entity, and there is the case of the secondary market, which is made up of people, companies and institutions that interact directly and determine how much you or how much we pay for the price of a digital asset.
According to current market prices, 1,061,053 bolivars equals $ 1 dollar.
On November 30, news.Bitcoin.com reported that the Venezuelan military has inaugurated a crypto mining center with bitcoin (BTC) mining equipment to generate “unblockable revenue” operated by the 61st Agustín Codazzi Engineer Conditioning Brigade.
Do you think the petro will be traded on foreign crypto exchanges in 2021? Let us know in the comments below.
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