Reuters Says No Proof El Petro Release

A report was released on the agency’s website, where the journalists doubt the viability and even the existence of Venezuela’s national cryptocurrency.

Reporters visited the city of Atapirir, which is to be financed by an investment in El Petro to organize the production of 5 billion barrels of oil in its vicinity, which are the backing of tokens. However, residents said that, despite statements by the authorities about the inflow of funds, local deposits are not being developed. In fact, only obsolete abandoned equipment was discovered, most of which is already overgrown with greenery..

Agency officials speak of uncertainty about the existence of El Petro itself, especially in light of the recent decision by the Venezuelan government to peg the bolivar to cryptocurrency. Local analysts do not understand how the authorities intend to set the price and exchange rate of tokens, which are not traded anywhere and there is no way to find out about their sales. There are doubts about attracting the declared $ 3.3 billion, which was previously reported by officials..

Reuters Says No Proof El Petro Release

Tom Robinson, co-founder of British blockchain company Elliptic, says there is no evidence yet that El Petro has been issued or traded on any exchange. In addition, the post-ICO fundraising register was not provided. Reuters journalists also did not find a single company or store that would accept the national cryptocurrency. In the end, they suggested that El Petro can only exist in the statements of politicians..

Another controversial statement came from Ripple CTO David Schwartz, who said their network is more decentralized than Bitcoin or Ethereum..

text: Ivan Malichenko, photo: Stanslavs / Shutterstock 

Reuters Says No Proof El Petro Release

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