Venezuelaâ€™s government-backed cryptocurrency is not having the acceptance its cabinet expected, as the latest reports suggest. The petroâ€™s creator, who now lives in exile, wants to build another crypto that gets the adoption its original creation did not in the nation.
JimÃ©nez Believed the Petro Could Have Given Venezuelans a â€˜Measure of Freedomâ€™
Per a report published by Deutsche Welle, Gabriel Jimenez, a 31-year-old-programmer, is looking to pursue a â€œcryptocurrency revolutionâ€ in Venezuela with Reserve, a brand-new token he created.
Jimenez â€“ now residing in the United States â€“ is not a stranger to the crypto community, nor NicolÃ¡s Maduroâ€™s government, as he was once commissioned to create the state-backed petro (PTR).
Interestingly, he wasnâ€™t a fan of the government, as he actively participated in the street protests against Maduro. However, JimÃ©nez thought that creating the petro token was an excellent idea to give Venezuelans â€œa measure of freedomâ€ by bypassing U.S. financial sanctions.
But JimÃ©nezâ€™s expectations on oil-backed petro turned out to be wrong. He commented:
Moreover, Deutsche Welle quoted reports that state officials are even using petro for money laundering purposes. That said, the 31-year-old-programmer firmly believes creating the digital asset was a mistake.
Maduro Keeps Promising to Make Petro a Widely Accepted Token
Venezuelan governmentâ€™s efforts in making its crypto accessible and widely accepted by the people have been making the headlines since last year. In fact, despite the controversy, Venezuela was the first nation-state to deploy a central bank digital currency (CBDC) in the wild.
In August 2020, Bitcoin.com News reported that the Bolivarian Council of Mayors signed Venezuelaâ€™s National Tax Harmonization Agreement on Sunday, placing the cryptocurrency petro as the unit of account for the payment of taxes and fines in 305 municipalities.
Still, the government doesnâ€™t give up on the petro project. In fact, during an annual speech at the National Assembly in January 2021, Maduro talked about a â€œrevivalâ€ for the PTR, promising to boost a â€œ100% national digital economyâ€ agenda through a â€œcomplete digitalization process.â€
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