Payments with Venezuelan Petro could increase

The Venezuelan government announced on June 11 that almost 15% of all fuel payments at the country’s gas stations were made to Petro (PTR). This increase comes during the first week of the new state-backed plan to promote widespread token use.

According to a report in Ultimas Noticias, 40% of transactions in PTR were made at stations to pay in foreign currency.

Building an epic from the failure of the oil

Balancing Venezuela’s crypto environment?
The blog Geopolítica Coyuntural says that the adoption of Bitcoin Evolution will strengthen the balance and the homologation of value between the primary and secondary markets, „allowing the construction of an economic and stable structure for the crypto environment in the country“.

Citizens used biometric technology solutions to process payments on the oil-backed token at gas stations throughout Venezuela.

The article from the local media, which has a notable pro-Maduro agenda, assures readers that Petro has „set unprecedented milestones“, such as being supposedly the first cryptomoney used by the elderly in the world. This statement comes despite executive orders issued by the President of the United States, Donald Trump, to sanction the use of the Venezuelan token.

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Doubts about Petro’s positive impact on the Venezuelan economy
As Cointelegraph en Español reported in April, since its implementation in Venezuela, Petro has not been well received by Venezuelans or in the international context.

Venezuelan engineer and journalist Daniel Jiménez told Cointelegraph en Español:

„Whether or not the government is right to accuse international actors of the country’s situation, what is undeniable is that wages continue to fall while prices rise unchecked. Therefore, the obligatory question about Petro’s impact on the Venezuelan economy seems to leave more doubts than satisfaction“.

It seems that Venezuela made a hard bifurcation of the Petro
Recently, the U.S. State Department offered a reward for information that can help track the whereabouts of the current Superintendent of Cryptoactive Assets and Related Activities, Joselit Ramirez.