The representative of the Venezuelan regulator SUNACRIP, Joselit Ramirez, said that citizens of the country can independently support the development of the cryptocurrency industry in the country by buying a Petro token. The coin shows sufficient capitalization for a stable existence, though an increase in investment can make propel it to a new level.
''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,'' said Ramirez.
Venezuelan President Nicolas Maduro ordered to launch the Petro cryptocurrency early last year. Initially, it was used only for internal state settlements but later became available for ordinary citizens. Over the year, Venezuelan residents transferred more than 30% of their savings to cryptocurrency. According to Ramirez, for the full promotion of the coin, it is necessary that citizens begin to use it not only for savings but also for settlements.
Some residents of Venezuela do not share the opinion of Maduro and Ramirez. In particular, they are sure that the cryptocurrency market is like a pyramid, which is why the country's central bank needs to do everything to restore the local fiat currency. Over the past year, it has fallen in price by almost 5 times due to inflation.