If you have been dying to get your hands on the most controversial cryptocurrency out there, the time has finally come. Nicolas Maduro – President of Venezuela – has sanctioned six crypto exchanges to legally trade the Petro for fiat. If you don’t want to trust a crypto exchange, you can also buy the Petro directly from the government website, but we can’t see why you would want to unless it’s out of sheer curiosity. The potential personal ramifications of buying Petros simply aren’t worth the fun or curiosity.
Buy a Passport with Crypto
While you have to hand it to Maduro for pushing mass adoption of cryptos forward in the country, he is doing it at an incredible cost. He has essentially replaced the fiat currency with a cryptocurrency and is demanding that certain services only charge Petros. One example is the Venezuelan passports – the only way to get one is to pay using Petros. This has given the Petro a case use, but it’s a feeble attempt to bypass international sanctions placed on the country.
Locals Dashing to DASH
Until now, the Petro has been nearly unobtainable by everyday citizens and the fiat currency is in tatters. Hyperinflation is so bad that a loaf of bread would set you back a wheelbarrow of cash. This has left locals turning to DASH as a means of payment thanks to its relatively low-cost transactions and the speed at which they take place. As hyperinflation continues to grow by the second, a Bitcoin transaction would take too long and the vendor would be out of pocket for the item it just sold. On top of this, DASH has invested heavily in the crypto infrastructure to help impoverished citizens out.
Clamping Down on Bitcoin
Maduro and his government have initiated a Bitcoin clampdown in order to force locals to use the Petro, but it’s not really working. By law, all banks now have to ask if you’re going to buy Bitcoin, and if you do the transaction is canceled. The bank is then obliged to report this to the government, meaning that Maduro and his henchmen know you’re fighting against the establishment – not a great idea in Venezuela at the moment.
If you head over to one of the six lucky crypto exchanges and buy some Petro, you could be pulled up on charges of funding terrorism. As the Petro is a government-issued crypto, any USD, EUR, or GBP you use to buy the Petro would go directly to the government’s coffers. This means that you would be directly financing a government that is under extreme international sanctions – a great way to ruin your weekend plans. If you don’t want the FBI breaking down your door in the middle of the night, best you steer clear of the Petro.
Venezuela is in a dire state, and there isn’t much anyone can do about it now. It’s just a matter of time before the government collapses or it’s overthrown by an uprising – this is the only way to get the country back on track. If you really want to tempt fate, you can buy the Petro from Bancar, Afx Trade, Cave Blockchain, Amberes Coin, Cryptia, and Criptolago – but don’t say we didn’t warn you.