Cryptocurrency based on oil accepted by traders

The National Trade and Services Council of Venezuela has issued a statement stating that cryptocurrencies are generally crucial to the country’s economy. The statement mentions both Bitcoin and Petro state cryptocurrencies.

José Miguel Farías – member of the Consecomercio Economics Commission – published the group’s statement on Twitter. He said that, unfortunately, the Petro project has many problems because it was launched too fast. Oil-based cryptocurrency was created by President Nicolas Maduro to evade American sanctions. In theory, petro should stimulate the Venezuelan economy, but there are problems of assimilation.

“Petro has various problems and defects of origin that make it difficult to use in the economy”,

said the Council.

“What is undeniable is the importance and relevance of the use of cryptocurrencies in Venezuela, given the limitations suffered by citizens and companies when it comes to using their money.”

Oil-based cryptocurrency creates confusion

Last week, President Maduro ordered all public and private companies to “count” their accounting records in petro and bolivari. Also, invoices issued by traders must express amounts in both currencies.

This created confusion because the petro value is calculated differently. The calculator from the official website evaluates it to approximately 1.8 million bolivars. An official statement of the central bank establishes Petro’s value at 80,000 bolivars.

But the confusion over the petro price has not diminished the influence of cryptocurrencies in the country’s economy in general, Farías said.

Traders across the country are informally keeping double accounting records in bolivars and US dollars. Many have begun to accept various forms of cryptocurrencies as payment, including Bitcoin, Litecoin, Dash and Petro.