Venezuelan state cryptocurrency faces corruption accusations
One of the situations that does not allow the massive adoption of cryptocurrencies throughout the world is precisely the problem faced by cryptocurrencies backed by state constituted government foundations, because they are under the control of politicians.
In this sense, the simple fact that a cryptocurrency is under the control of politicians generates distrust, since when talking about politicians the direct link is related to acts of corruption, and in fact state cryptocurrencies have been pointed out for being used for acts of corruption.
One of the cases reported recently indicates that Venezuela could close its cryptocurrency, let's remember that the South American country launched the Petro, the first oil-backed cryptocurrency, an element that in some way in its beginnings generated certain acceptance but as a result of the economic and financial crisis that Venezuela is going through, the acts around the use of the Petro have been tarnished by acts of corruption.
The truth is that, according to information disclosed in multiple news portals, Venezuela's national cryptocurrency, the Petro, is at risk of disappearing after an intervention in the Superintendence of Cryptoassets. Close sources indicate that this measure seeks to address technical problems and the recent linking of the petro to a corruption scandal.
According to reliable Bloomberg sources, the Petro, Venezuela's national cryptocurrency, is in a precarious situation and close to its demise, it has been indicated that this digital currency has faced corruption accusations and has suffered a steady devaluation in recent months.
For the sake of the cryptocurrency market, it is best that the situation Venezuela is going through with the use of the Petro is not taken as an example to attack the market.
SOURCES CONSULTED
Cointelegraph. Reports indicate that Venezuela could close its Cryptocurrency. Link
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Indudablemente la creación de la cryptomoneda del gobierno dictatorial venezolano no representa una verdadera cryptomoneda, puesto que ella no se genera por minería como todas las demás, jamas presentaron el el proyecto ni la cadena de bloques, ademas el respaldo que ella dice tener son las reservas de petroleo pero eso es un error ya que las reservas sin explotar no se pueden estimar su precio ya que el precio es el valor estimable de la explotación, mientras sigan bajo los yacimientos su valor es cero. Al presentar un proyecto de crypto se declara el valor de respaldo determinado pero jamás el determinable.
It is really a complex situation to understand, since it was assumed by the government that this currency would be strong and it was even used to pay debts of public employees, however today nobody knows what to do with it. It is an interesting reflection.