The Venezuelan political scene is undergoing a turbulent period seeing 2 leaders with opposing economic policies both in positions of power. On one corner remains president Maduro propelling the use of the Petro token developed by his government. On the opposing corner is newcomer Guaidó who was elected earlier this month as the interim president and recognized by the US as the official leader of the torn country.
Good news. Maduro’s Petro was never gonna work. Converting economy over to Bitcoin would be the smartest thing they could do.
The petro token
The petro token was the crypto representation of presidents Maduro’s legacy. Having ruled the country with a iron fist and often referred to as a authoritarian figurehead, Maduro launched the Petro token with the aim of circumventing the trade and financial embargoes placed on the country restricting international trade. Despite promises to secure the crypto token to oil reserves the country holds and pegging the countries fiat to the new token, the crypto remained a controversial application considering many countries remained suspicious of the true intentions behind the development of the token.
To conclude, while the interim Venezuelan president is in favor of increased bitcoin adoption due to his longstanding position in the crypto market, the split in politics remains controversial. Maduro remains the incumbent president despite Guaidó being recognized as the interim president by a number of nations including the United States of America. The position of Bitcoin remains solidified for the time being in the country, but only time will tell whether the Petro token grows to secure a position besides the likes of Bitcoin and other established cryptocoins.