Petro cryptocurrency is harder to find in Venezuela than toilet paper

Section:

In Venezuela, New Cryptocurrency Is Nowhere to Be Found

By Brian Ellsworth
Reuters
Thursday, August 30, 2018

ATAPIRIRE, Venezuela -- To hear Venezuela's leftist President Nicolas Maduro tell it, this remote hamlet of 1,300 souls is perched on the cutting edge of an innovation in cryptocurrency.

Located in an isolated savanna in the center of the country, Atapirire is the only town in an area the government says is brimming with 5 billion barrels of petroleum. Venezuela has pledged those reserves as backing for a digital currency dubbed the "petro," which Maduro launched in February. This month he vowed it would be the cornerstone of a recovery plan for the crisis-stricken nation.

... Dispatch continues below ...



ADVERTISEMENT

Goldco Is America's No. 1 Gold IRA Provider

Goldco Precious Metals was founded by Trevor Gerszt in 2006 with a mission to help Americans protect their retirement accounts from market volatility and inflation by adding precious metals like gold and silver.

Experts predict that we are headed toward another economic crash like the one in 2008. If you aren't prepared, your retirement savings could vanish. At Goldco we take the time to understand our customers' investment goals and objectives and give them the resources to feel confident that their money will be there for them when they need it.

To learn more about adding gold and silver precious metals to your retirement accounts, please visit Goldco here:

https://goldco.com/



But Atapirire residents say they have seen no efforts by the government to tap those reserves. And they have little confidence that their struggling village has a front-row seat to a revolution in finance.

"There is no sign of that petro here," said homemaker Igdalia Diaz. She launched into a diatribe about her town’s crumbling school, pitted roads, frequent blackouts and perpetually hungry citizens.

It turns out that Venezuela's petro is hard to spot almost anywhere. Over a period of four months, Reuters spoke with a dozen experts on cryptocurrencies and oil-field valuation, traveled to the site of the pledged oil reserves, and scoured the coin's digital transaction records in an effort to learn more.

The hunt turned up little evidence of a thriving petro trade. The coin is not sold on any major cryptocurrency exchange. No shops are known to accept it. ...

... For the remainder of the report:

https://www.reuters.com/article/us-cryptocurrency-venezuela-specialrepor...

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
http://neworleansconference.com/wp-content/uploads/2018/07/NOIC_2018_Pow...

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16