Petro Tokens See Increasing Adoption in Venezuela June 14, 2020 June 14, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJune 14, 2020 by Kelly Cromley

Petro Tokens See Increasing Adoption in Venezuela

The Venezuelan government has revealed that roughly 15% of all payments made for fuel at petrol stations throughout the country were made using the Petro (PTR).

The increase has come a week after the implementation of state-backed strategy to encourage the use of Petro token.

As per a report by Ultimas Noticias, 40% of the PTR transactions were carried out in overseas stations.

The blog Geopolítica Coyuntural has opined that Petro adoption will strengthen the balance between the primary and secondary market, while giving the much needed recognition.

The report argues that such a scenario will allow “to build an economical and stable structure for the crypto environment in the country.”

Citizens utilized biometric technology platform to handle payments in the oil-backed token via the gas stations throughout Venezuela.

The domestic news outlet, which is pro-Maduro, guarantees readers that Petro has “set unprecedented milestones,” by being the first crypto token to be used by senior citizens in the world.

Notably, the claim has come in spite of executive orders from the US President Donald Trump to ban the use of Petro token.

Back in April, since its adoption in Venezuela, the Petro did not receive who hearted welcome from Venezuelans or anywhere in the world.

Venezuelan engineer and journalist, Daniel Jimenez, said:

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

Of late, the US Department of State announced a reward for info that will assist in tracking the current location of Joselit Ramírez, Superintendent of Cryptoactive Assets and Related Activities.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.