Venezuela’s President Nicolas Maduro Raised El Petro Price
The price for the Petro cryptocurrency will rise from 3,600 sovereign bolivars to 9,000, Bloomberg reports.
Following Maduro’s Thursday announcement, Venezuelan economist Leonardo Buniak explained that the petro “was worth 3600 Bs.s because the Dicom dollar cost 60 and the oil cost 60,” Atodomomento publication reported. He added, “now a petro is decreed at 9000 Bs.s.You have just devalued the sovereign bolivar with respect to the petro and by more than 100%”.
Besides, Maduro ordered a 150 percent increase in the monthly minimum wage to 4,500 sovereign bolivars from 1,800. At the black market rate, the new minimum wage comes out to $9.50 per month.
The Petro code is also not available to the public, so independent confirmation of its existence or functionality is impossible. There are also no published charts or data showing the health of the Petro network, such as network activity, confirmation times, transaction throughput, mining hashrate, or other basic cryptocurrency statistics.
Back in November, Maduro visited the headquarters of the Superintendence of Cryptoasset and related activities (Sunacrip) and during the visit stated that anyone who makes a purchase by December 31st, 2018 can convert Petro in other crypto or fiat currencies.
However, it is not yet clear how this will be done, since Petro is not tradable on any exchange, nor how will those who eventually buy it after December 31st will be affected.