Petro is trading significantly lower than its real price

by in Cryptocurrency News

Petro

The Venezuelan administrators say that Petro should be bargained for $ 80, although it can be found on the market at a price 10 times less.

Venezuelan Petro was launched in 2018 to solve the problem of rampant inflation and economic shocks. However, the coin had more problems than expected.

The government has made many attempts to integrate Petro into its economy. For example, Petro is the only way for citizens to pay for passports, or receive holiday bonuses. Petro can be obtained on an official wallet called PetroApp.

However, the price gap angered Venezuelans, who must pay for these things at a price dictated by the administration.

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China also announced the testing of the digital renminbi. However, they probably learned from the mistakes of Venezuela, and first of all, they decided to prove the concept's viability.

Venezuela is forcing its companies to accept Petro as a form of payment, but there is a lot of controversy surrounding Petro's actual value. Many cryptocurrency recipients were forced to sell their Petro at a loss for bolivars.

Many companies in Venezuela have stopped accepting Petro, even though the government insists on it. The authority says that Petro should be used as a legal scheme of payment, and this leads to conflicts between the administration and the people of the land.

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Earlier, Venezuela also stated that it is going to support the country's medical staff with the help of the Petro airdrop. And this is another attempt to draw attention to the failed project of the state crypto.