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Petro price booms as Venezuelan President announces new peg at 9,000 bolivares

Priyamvada Singh



Petro price booms as Venezuelan President announces new peg at 9,000 bolivares
Source: Pixabay

Last week, Nicolas Maduro, the President of Venezuela reportedly announced that the price of the country’s very own cryptocurrency, Petro has more than doubled, currently valuing at about 9,000 from an earlier peg of $3,600 sovereign bolivar.

The Venezuelan leader established the relation of Petro with the national currency of his land earlier this year, in August, wherein he had declared the price of Petro at 3,600 sovereign Bolivars.

As reported by, the wallet for the cryptocurrency is not available as of now. However, the central government has been selling, as well as issuing certificates for the buyers to purchase Petro. Furthermore, the price hike of Petro was stated to have taken effect earlier this week, on Friday, post the Thursday announcement made by the Maduro.

Another development on the front of the economic crisis in Venezuela took place when the President decided to raise the minimum wage in the country by 25 times since 2013. The monthly minimum wage is also pegged to the price of Petro. He also stated:

“The arrival of Christmas is very exciting, so this corrective measure comes as a gift for large working families.”

About two months ago, Petro faced another issue when the accessibility of the token was at stake in the wake of new passport rule. Here, Delcy Rodriguez, the Vice President of Venezuela established that the new passports would cost two Petro, which was calculated to be about quadruple of the monthly minimum wage of the citizens.

Tim Copeland, a cryptocurrency and blockchain enthusiast and a writer in the space on Twitter expressed:

“The Petro has already devalued by 100%. Maybe stick to a cryptocurrency with a set inflation rate. Or even just a cryptocurrency rather than some imagined well wishing metric.”

Mati Greenspan, a market expert researcher and blockchain space follower also commented on the issue. He wrote:

“You can’t have your cake and eat it too.
If the Petro is tied to the price of oil, then the President can’t announce the exchange rate on television.
That’s simply not how free markets work guys.
The Petro is not a cryptocurrency!!!”

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.



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