The cryptocurrency remittance platform for Venezuela’s national cryptocurrency, the Petro, is now ready for use, a senior government official announced recently. Patria Remesa, as the platform is known allows people to send money from abroad to Venezuela using the embattled Petro crypto.
Joselit Ramírez, the National Superintendent of Cryptoactives in the South American country made the announcement during a recent crypto-themed radio show he hosts for Radio Nacional de Venezuela. “This is the easiest and safest way to send money,” Ramirez stated.
Ramirez further praised the impact of the Petro cryptocurrency on the economy of the country. According to him, Petro is the only currency that protects the household income of the Venezuelans from the effects of economic depreciation. He stated:
The world is evolving, there is a new economic revolution that is coming to continue advancing in the country and contribute to the world economy. The traditional financial system is no longer enough. That’s why cryptocurrencies arrived to open their eyes to the economic world.
While Ramirez is right about cryptocurrencies overhauling the legacy financial system, Petro does little to solve the challenges faced by the Venezuelans. The Petro goes against the ethos of cryptocurrencies as established by Satoshi Nakamoto, starting with its centralization. The Maduro-led socialist government has the sole authority over the supply of the Petro, giving it the ability to use it to further its corrupt regime.
The Venezuelan government has run down the country’s economy and debased the country’s currency. Moreover, the country has been on the receiving end of sanctions from the U.S, Canada, Switzerland, France, the U.K, Australia and very many other governments.
This has made the Petro nothing more than the subject of ridicule the world over, purely viewed as just a cheap escape from international sanctions. Had Maduro been genuine about restoring the economic prosperity of the Venezuelans, he would have turned to a decentralized cryptocurrency that is accepted globally such as Bitcoin SV. With BSV, Venezuelans would have had a crypto that is not only fast and with low fees, but one that is also compliant with international standards.
Despite being a resounding failure, Maduro has continued to push the Petro, instructing the country’s leading bank to accept it last month. During an event held to celebrate Banco de Venezuela’s tenth anniversary, Maduro ordered the bank to open Petro desks in its branches countrywide.
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