The President of the National Association of Cryptocurrencies of Venezuela (Asonacrip) lauded the latest bull run around the board seen in bitcoin rates, which "favors the usage of a very novel crypto asset" such as the petro (PTR).
Petro Is Gathering Strength Due to Its Surging Prices in the Secondary Market, Says Venezuela’s Asonacrip
During an interview with Venezuelan TV channel Globovisión, Jose Ángel Álvarez pointed out that the country's state-sponsored cryptocurrency is beginning to "gather strength" since they are experiencing a spike in secondary market quotes.
This is seen in the sense of the adoption by the owners of gas stations who are making Petro purchases, encouraging their consumers to compensate for PTR facilities, Alvarez said.
He added that PDVA—state-owned Venezuela's oil and natural gas company—also recognizes PTR fees.
However, the President of Asonacrip claims that the U.S. petro sanctions are also an obstacle since they cannot expand internationally. As a result, the crypto asset can only be exchanged in Venezuela.
On 11 June, Venezuelan President Nicolás Maduro reported that almost 15% of all fuel purchases at petrol stations had been produced utilizing state-backed cryptocurrency.
While the statistics released by the government over the year indicate that Venezuelans are still struggling to find usability for petro.
Stressing the need to improve cryptocurrency education across the country, Alvarez said:
The power is in the information, if ordinary Venezuelans, professionals, businessmen begin to understand how bitcoin can change the world, how the petro can change the national economy and we make a great national agreement in favor of that. to get real benefits.
The Real Quote of Petro
There is no clarity on the current price of the petro because the crypto asset is not quoted against foreign fiat currencies.
Still, Asonacrip’s Álvarez shed some light on the quote of the cryptocurrency that was supposed to equal 1 barrel of Venezuelan oil. He explained:
At this moment, the value of the petro in the primary market is above 60 million bolivars.
What happens is that there are two markets: the primary market, which is the market of the issuing entity, and there is the case of the secondary market made up of people, companies, and institutions that interact directly and define how much you pay or how much we pay for the price of a digital asset.
According to the current market prices, 1,061,053 bolívars is equal to $1 dollar.
On Nov. 30, news.Bitcoin.com reported that the Venezuelan Army inaugurated a crypto mining center with bitcoin (BTC) mining equipment to generate “unblockable income,” managed by the 61st Agustín Codazzi Engineer Conditioning Brigade.
