Nicolas Maduro’s move to increase the price of the petro, the country’s oil-backed cryptocurrency designed to counter inflation, has sparked intense debate. Experts and tech-savvy Venezuelans alike are less than enthusiastic about the Venezuelan president’s decision.
Also read: Maduro Orders Price of Venezuela’s ‘Cryptocurrency’ to More Than Double
Venezuelans Unimpressed by President’s Latest Proclamation
Venezuelans have blasted President Nicolas Maduro and his new cryptocurrency after the leader of Venezuela upped the petro’s price last week. A number of Venezuelans and experts told news.Bitcoin.com that the idea of a petroleum-backed cryptocurrency was a bad idea from the start and that the government never truly had any idea what it was doing – with one even saying that it was just a trick to launder the government’s dirty money.
