Venezuelan President Nicolas Maduro said that the price of the national cryptocurrency El Petro will rise from 3,600 to 9,000 bolivars, writes Bloomberg .
Venezuelan economist Leonardo Bunyak said that with this decision Maduro devalued the sovereign Bolivar against Petro by more than 100%.
“Bolivar snapping to El Petro is snapping to empty space. El Petro cannot be considered a cryptocurrency at all, because its value is set by the president and it is not determined by the supply-demand relationship, ”said the economist.
In addition, the Venezuelan president increased the minimum wage pegged to El Petro from 1,800 to 4,500 bolivars. At the rate on the black market, the new salary is $ 9.5 per month.
Although the government issues purchase certificates for El Petro to citizens, a purse for storing cryptocurrency and its code are still not available. The “secured by oil” digital currency also does not have data on online activity and confirmed transactions.
In November, Nicolas Maduro said that the national cryptocurrency can be traded only if you buy it before 2019. At the same time, Venezuelan banks began to display the status of user accounts in El Petro.
Earlier, the Venezuelan government invented how to popularize El Petro.
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