Petro Token is Selling for Half of Official Price on LocalBitcoins
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Petro Token is Selling for Half of Official Price on LocalBitcoins

January 23, 2020      Yvette Mwendwa

According to a thread on Reddit, posted by an alleged Venezuelans who received Petro via a state airdrop, are now being sold on LocalBitcoins at half the official price. The government of Venezuela recently orchestrated an airdrop of the digital asset. 

Moreover, the airdrop was conducted back in December 2019. It saw about 6 million registered citizens receive 0.5 Petros each. According to the administration, one Petro coin is worth $60.

As per Reddit user, the locals are now selling the air-dropped Petro. However, the market price of LocalBitcoins is half of what the government is claiming. In addition, the government gave instructions for the locals to use Petro asset to purchase products via a biometric app. The app soon collapsed as people flooded the small number of stores who were availing the service.

Harsh Economic Times in Venezuela

Additionally, various government exchanges in Venezuela supports the PTR. However, the exchange rates have drifted a lot from the official price amid the tragic economic times in the country. This has left Venezuelans with LocalBitcoins as their only option. There are a number of offers on LocalBitcoins that accept the exchange of Petro with Bitcoins or other currencies. The problem is, a seller claimed that the price being offered is not actually $60 but half of that.

The United States Warns Against Buying Oil from Venezuela

A few days ago, reports claimed that the buyers of Venezuelan crude oil halted business dealings with the country. This is after the state officials started demanding the payment of port fees in the controversial PTR tokens. As per reports, the buyers grew worried that buying oil using the PTR may violate the United States sanctions.

However, the president of Venezuela Nicolas Maduro has pledged to make the controversial digital currency a success. He recently claimed the country will sell oil and a portion of the gold to strengthen petro.

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#Crypto News #Maduro #Petro Coin #Venezuela
Yvette Mwendwa
Yvette Mwendwa

I'm a believer in decentralization. An enthusiastic author, web geek & writer with experience writing for tech, digital, and cryptocurrency blogs.