Wrong concept of Venezuela’s Petro in order of cryptocurrency

by Hania ahmed

Venezuela is facing the worst financial crisis of its time. President Nicolas Maduro is fighting the government’s fight against drugs, food and drug shortages, rising crime and damage to public services and the health care system.

Peter said that when the cryptocurrency was launched, it had raised about 73,73,735 million coins on the first day of the company’s new, almost bankrupt bankruptcy initial offering (or ICO).

Wise investors will be clear from a distance of 100 meters, ICO Venezuela is a way to raise money through sanctions that prevent the issuance of bonds or securities in the general economy. With inflation quadrupling, many US dollars are needed. This makes the Venezuelan bolivar useless. At the same time, oil production in the country’s economy has declined in recent years.

Although it is the largest ICO to date and has raised 5 5 billion through the ICO by 2017, it certainly represents an interesting experience.

This is a great alternative to Venezuela. Instead of restructuring the economy and converting the new currency into US dollars, it would be easier to introduce government funding and digital currency to protect it. This is due to the fact that Petro, like HPG, does not participate in the domestic political economy due to third party guarantees.

It is reasonable to assume that the millions of dollars spent on Peter are not from the United States and Europe, because Venezuela has severe financial sanctions, so Peter may embarrass you. So it could be from Asia and the Middle East – from drug dealers to retail investors – everyone wants to target each other.

When you read the ICO documents, it is not clear what the Venezuelan government wants to do with this money. More than half of these have been allocated to independent funds that have not yet been established, and the real purpose of this fund is not yet known.

According to the document, the price of petrochemicals is given, if not explicitly and effectively, because it depends on a barrel of oil (currently ڈالر 60.60). In fact, the government controls oil prices, even if it is based on oil prices. Can be used for specific purposes.

Surprisingly, Peter’s relationship with the government was against the idea of ​​a coin. It is designed to move away from the center and free from government or central bank oversight.

In other words, Peter is not a digital currency. But it is backed by digital security or oil reserves. You don’t buy anything that has a free mining and cryptocurrency exchange deal. Production is adjusted by the government and it decides what changes can take place in oil, as clearly stated in the ICO. As such, it is a digital form of a country that does not have a financial certificate and has little management.

This is the last resort of a country that is not found anywhere. Any trusted democracy can usually make money on bonds and securities, so I’m watching. However, similar problems exist in other countries. I would not be surprised if countries like Russia take steps to take reward of the corrupted currency around them, as they are subject to heavy sanctions and oil.

Petro is very easy to sell in advance, most of them are ICOs if you don’t sell them here. Investors can trade oil.

It is difficult to see the change in prices that we see in other cryptocurrencies as soon as the trade starts, because most of the prices are obsessed by the system of rules. Therefore, depending on the demand and demand of those who intend to buy Petro, keep in mind that it is easy to buy now. But can you trade after ICO?

Again, although this is an important step in market development. However, cryptocurrency last resort to achieve an immediate victory over the puppet government, which is open and frustrating. It worries everyone about investing.