According to Venezuelan government reports, it recently held a blockchain technology and cryptocurrency consultancy seminar in Caracas. The conference was conducted to get the viewpoints of experts on their legal tender Petro. The meeting was attended by cryptocurrency experts from China, Russia, Luxembourg, Spain and Mexico. In the published report, Presidential office quotes the head of Spanish Blockchain Institute & technology, Mr Lluís Mas Luque, who is of the view that Venezuelan Petro “represents a triumph over” conventional financial systems in the state.
The experts were taken on a tour to the headquarters for operations on Petro, where they were surprised to see the scale of power being put in by the government. After gaining some confidence from the experts, Venezuelan president tweeted,
Experts from the world see Petro as an innovative project that will open the doors to economic development. I share the impressions of Lluís Mas Luque, General Director of Blockchain and participant in the International Meeting of Criptoactives. […] https://t.co/yBz4Vj6ZeP
— Nicolás Maduro (@maduro_en) November 18, 2018
The nod from experts sure comes in as a sigh of relief for the financially unstable state. However, the nod cannot guarantee its position in the World trade market. Majority of states refuse to trade against the Petro, and US President even put prohibitive sanctions for the oil-backed cryptocurrency.
The Venezuelan government seems unmoved by the resistance as they claim they have the backing of many political and business leaders in Colombia, Brazil, Japan, China, Palestine, Spain and Saint Vincent & the Grenadines. However, whether these claims prove to be fruitful or will petro save the Venezuelan economy? only time will tell
The invited delegates were also allowed to make purchases for Petro themed merchandise and pay the money in Petro tokens. The latest attempt of the Venezuelan government to get out of their economic crisis seems a far-fetched dream at the moment, as many have even dubbed the Petro as a scam.
However, the negative reviews and economic sanctions are not stopping Venezuela from experimenting their way out of their financial crisis. The government has made sure that Venezuelan Retail Chain will accept Petro Payments. The Traki chain of departmental stores, also dubbed as Venezuelan Walmart, will receive payments in different cryptocurrencies like BTC, ETH, LTC and even cash. The move proves to be a very significant step as Traki has over 50 branches throughout the country and sells daily need items like grocery, clothing and other home needs.