Cryptocurrency

The petro represents more confusion, says business manager of Venezuela

Key facts:

For Ricardo Cusanno, president of Fedecámaras, the petro is both a challenge and an obstacle.Considered that their promotion is not part of a consensual policy of the country.Ricardo Cusanno, president of the main business guild of Venezuela, emphasized the 30th of January that the petro (PTR) is generating more confusion among the venezuelan people and its implementation in the south american country will be, at the same time a challenge and an obstacle.The executive considers that the draft criptomoneda of the government of Venezuela does not form part of a comprehensive policy to improve the economy and quality of life of the people.During the development of the forum “Business Success”, held in the state of Zulia (west of Venezuela), the director of the civil association Fedecámaras noted that the society has already molded to the management of other currencies, like the us dollar and the colombian peso, so that the implementation of the petro would bring new changes and a dynamic commercial not tested previously.”The citizen who has already learned and understood how to move with currencies you will have to change. The real problem is that the petro is not a comprehensive policy (…), do not form part of a policy agreed upon by the whole of civil society, and immersed in a plan of rescue of the whole nation, which will bring back Venezuela to the global markets”, stressed Cusanno.The employer also questioned that, when the PTR a technological component, the country does not have the telecommunications infrastructure that is appropriate for all venezuelans, from anywhere, can pay for products and services with the so-called criptomoneda.On this aspect was as an example of any teacher that is in a remote area of the state of Zulia, and that has no connectivity to the internet. According to Cusanno it would be very difficult to explain to people what is the petro, what it means, what is their value and their capacity for change in relation to the bolivar, or the dollar.

A mechanism is not viable

In the past, Cusanno has referred to the petro as a mechanism that will not serve to get out of the serious crisis that is gripping the country. In march 2018, the then first vice-president of Fedecámaras, said that petro would not generate confidence of foreign investors.Their statements are produced 15 days after Jhonatan Aldana, president of Fedecámaras in the state of Carabobo, pointed out that the petro was an alternative not viable for Venezuela and that could be potentially damaging to the trade in the country. He also noted the petro as the cause of the inflationary surge that Venezuela is experiencing at the start of 2020.However, one aspect that calls the attention about this topic is that the efforts of the venezuelan government to encourage the use of petro would be generating a greater interest in people to learn about bitcoin, the first and main criptomoneda of the market. Something that could be construed as positive, as it would be encouraging education about this new form of money among the citizens of the country.Since it was announced in December 2017, the petro has become a project of criptomoneda that the executive power of venezuela tries to spread among venezuelans, forcing its adoption even at the international level. Several decisions were taken and many of the decrees issued in the last few months point to that goal, while still keeping distance in relation to the official currency of Venezuela, the bolivar.