Venezuela is facing one of the worst economic and humanitarian crises ever recorded, and President Nicolas Maduro’s final hope – the Petro – is finally really for its ultimate test. Dubbed Patria Remesa, the brand-new crypto remittance platform is designed to allow friends, family, and charities to be able to send crypto into Venezuela from any country in the world. However, doubts still remain over the project’s legitimacy, with many speculating that Maduro’s regime will siphon off large chunks and use it continue funding his reign of terror.
The “Safest” Way to Send Money into Venezuela
According to a radio broadcast on Radio Nacional de Venezuela (RNV), Joselit Ramírez – Venezuela’s National Superintendent of Crypto Actives – stated that Patria Remesa is the fastest and safest way for people to send Petro in and out of the country, helping to legitimize it as an international cryptocurrency. Ramírez went on to add that “it is the only way that income is not depreciated.”
Maduro Pushing the Petro Like a Dead Horse
Maduro has been pushing as hard as he can to legitimize his pile of garbage “cryptocurrency” and make it work. He began by making all passport renewal fees payable in Petro, as well as the tariff for a new passport. He then went on to enforce that all national oil can only be sold for Petro, causing international companies to stop buying from Venezuela. As the icing on the cake, Maduro then converted all pensions in the country to Petro, effectively forcing the new currency on the entire country. This latest move is designed to kill off any use of other cryptocurrencies in the country.
Trying to Kill Bitcoin Adoption in the Country
Currently, people are sending Bitcoin and DASH into Venezuela, with the country becoming DASH’s second-largest market. To try and stem the flow of legitimate cryptocurrencies into the country – and to try and finally get a win – Maduro blocked LocalBitcoins in the country, preventing people from escaping poverty with BTC. The statement from Ramírez was designed to intimidate people into dropping other cryptocurrencies, believing that the Petro is safer. Yet, the Petro has no intrinsic value and is a junk cryptocurrency – allegedly backed by a range of assets that the government has yet to mine.
Doing More Harm Than Good
There is a huge crisis in Venezuela, and Maduro has a chance to end it all by stepping down. Sadly, it appears as if Maduro is enjoying seeing his country suffer and he is trying his best to fix it without leaving his cushy job. Speaking on the matter at the recent G-20 Summit in Buenos Aires, US Treasury Secretary Steven Mnuchin said:
President Maduro decimated the Venezuelan economy and spurred a humanitarian crisis. Instead of correcting course to avoid further catastrophe, the Maduro regime is attempting to circumvent sanctions through the Petro digital currency — a ploy that Venezuela’s democratically-elected National Assembly has denounced and Treasury has cautioned US persons to avoid.
If that truth doesn’t strike fear into your heart over the future of Venezuela, then we’re not sure what will. All we can do is donate as much crypto to Venezuelans as possible in hopes that they can continue to survive thanks to stores like Traki that accept crypto payments.