Social Media Comment On Petro, The Newly Launched Venezuelan Cryptocurrency

Petro Has Been Launched, Here Are Social Media Comments About It

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Venezuela: On Feb. 20, the Venezuelan government announced the release of its long awaited cryptocurrency “Petro”. According to Venezuelan President Nicolas Maduro:

“Today, a cryptocurrency is being born that can take on Superman.”

The proponent of the cryptocurrency, President Nicolas Maduro, announced that Petro generated a total of US$735 million during its first day of pre-sales.  However, some cryptocurrency and blockchain experts have stated that Petro would not garner significant investment, and while some Twitter users welcomed Petro’s arrival with open arms, other voiced reservations about this fledgling cryptocurrency.

Maduro predicted on Tuesday that “The Petro is born and we are going to have a total success for the welfare of Venezuela,” as 82.4 million units, backed by the nation’s oil reserves, were released onto the market.

Twitter social media has provided a platform for both praise and criticism of Venezuelan new Petro cryptocurrency. A Twitter user posted:

“With the Petro, the prosperity and production of our beloved Venezuela is strengthened.”

“@NicolasMaduro: We are taking a giant step towards the new economy and the future. Let’s feel proud of the birth of the Petro! the Town has an appointment with the prosperity … #AlFuturoConElPetro”

Another Tweeter user ssaid: “#TheFutureWiththePetro An excellent decision of our President @Nicolas Maduro.”

According to the state tax and revenue agency (Seniat), Venezuelan would be able to use the Petro to pay for tax liabilities, duties, fees, contributions and public services.

Another twitter user, Mariana Ribera of Infocentro, a national communications company, posted:

“This initiative, this new South, gives us an endless range of options and opportunities in the national and international market, opening new horizons that have no limits.”

President Maduro says the purpose of the new oil-backed cryptocurrency is to combat sanctions in the ‘economic war’ waged by the U.S. government and its junior partners against Venezuela, while advancing “on issues of monetary sovereignty to make financial transactions and overcome the financial blockade.”

What would be your own comment about the new Venezuelan cryptocurrency “Petro.”

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