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Petro Easy Does It: Value & Adoption

November 27, 2019 g.a. Mercado cryptocurrency, Economy, petro, Venezuela

By g.a. mercado

Venezuelan Dark Blue Pill #013

Since the conception of the Petro president Nicolás Maduro has been so eager to promote it that at times his announcement on this subject have been plagued with inconsistencies or have not been thought through enough, discounting from it what any unit holding of value needs the most: Trust.

Nonetheless over the last two months president Maduro has made the following announcements of real facts regarding the Petro that profoundly strengthen its value and enhance its adoption:

Petro Value

An allocation of an operational gold mine to each state and a bimonthly budget of 1 million Petros to be shared among them. Since gold is the ultimate asset of value but it is not used as tendered money, the Tresury of Crypto-Assets will safeguard the extracted precious metal and will grant the respective governor, the corresponding value in Petro.
An allocation of 5 million crude barrels a year to the Tresury of Crypto-Assets, which will be commercialized by PDVSA on their behalf. These assets plus some additional diamond, steel and iron reserves, which altogether are estimated to be worth 350 billion dollars, make the value of the each Petro very real and truly stable at $60.

Petro Adoption

A Well Thought-Out Strategic Alliance between SUNACRIP and Banco de Venezuela (BDV) has enabled 27.000 retailers to accept payments in Petros, thanks to their state-of-the-art Points of Sale Systems: a) PuntoYaBDV which works with SMS & QR code and b) BiopagoBDV which works with a thumb print scanner.

Enabled dedicated Bank Tellers capable of issuing Petros at 23 Bank of Venezuela Branch Agencies across the nation.

The announcements of these milestones show a shift in approach with president Maduro who seems to have realized that people are expecting to hear about solutions already put in place instead of frail or unclear promises.

Source URL: The Medium