The President of the National Association of Cryptocurrencies of Venezuela (Asonacrip) praised the recent upward trend in Bitcoin prices across the board, which “favors the usability of a very novel crypto asset like the Petro (PTR)”.

Petro is gaining strength due to its rising prices in the secondary market, says Venezuela’s Asonacrip

During an interview with Venezuelan television broadcaster Globovisión, Jose Ángel Álvarez pointed out that the country’s state-backed cryptocurrency is gradually “gaining strength” as it sees a surge in secondary market prices.

This is happening in the context of the adoption of gas station owners who make Petro payments and allow their customers to pay for services with PTR, Álvarez said. He added that PDVA – Venezuela’s state-owned oil and gas company – also accepts payments in PTR.

However, the President of Asonacrip believes that the US sanctions on the Petro are still a hurdle as it cannot spread globally. As a result, the crypto asset can only be traded in Venezuela.

On June 11, Venezuelan President Nicolás Maduro claimed that almost 15% of all fuel payments at gas stations were made with the state-sponsored cryptocurrency.

Although the numbers that the government released during the year show that Venezuelans are still struggling to find the usability for the Petro. Stressing the need to improve cryptocurrency education across the country, Álvarez stated:

The power is in information, when ordinary Venezuelans, professionals and business people understand how Bitcoin can change the world, how the Petro can change the economy, and we are making a great national agreement for that. get real benefits.

The real quote from Petro

There is no clarity about the current price of the Petro as the crypto asset is not quoted against foreign fiat currencies. Nevertheless, Asonacrips Álvarez shed light on the cryptocurrency quote, which should equal 1 barrel of Venezuelan oil. He explained:

Currently, the value of petro on the primary market is over 60 million bolivars. What happens is that there are two markets: the primary market, which is the issuer’s market, and the secondary market, which is made up of people, companies, and institutions that interact directly and define how much you pay or how much we pay for the price of a digital asset?

At current market prices, 1,061,053 bolivars are equivalent to 1 dollar.

On November 30, news.Bitcoin.com reported that the Venezuelan Army had inaugurated a crypto mining center with bitcoin mining machines (BTC) to generate “unblockable income” administered by the 61st Agustín Codazzi Engineer Conditioning Brigade .

Do you think the Petro will be traded on overseas crypto exchanges in 2021? Let us know in the comments below.

Tags in this story

Bitcoin, Bitcoin in Venezuela, Bolivar, Cryptocurrencies, Cryptocurrency, Cryptos, Maduro, Petro, Regulations, Venezuela, Venezuela Bitcoin Adoption, Venezuela Crypto Adoption, Venezuelan Petro

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