Joselit Ramirez, Venezuela’s superintended of cryptoactives has announced the launch of Petro’s remittance platform. Dubbed Patria Remesa, this platform would enable the sending of money from abroad to the country via the Patria system. Ramirez unveiled this news on August 27 on a local radio show.
Referring to the platform, Ramirez said,
“It is the easiest, easiest and safest way to send money”. He went on to encourage Venezuelan’s to save on the platform noting, “and it is the only way that income is not depreciated”.
According to Ramirez,
The Petro was a plan designed by the President of the Republic, Nicolás Maduro, to counter the attacks of imperialism and heal the wounds of war,
He added that this project was an entirely different financial tool. Unlike the US Dollar, El Petro aims to shield and protect savings.
Before this announcement, Nicolas Maduro, Venezuela’s president rolled out Petro to escape economic sanctions by the US. At that time, Maduro said that the coin would be backed by national assets such as oil, gold, and diamonds.
While the news of Venezuela creating a national crypto coin was bullish for the crypto sector, the project faced a lot of difficulties before launch. For instance, Jorge Milan, a parliamentary deputy noted that the project was a scam.
Milan asserted that,
This is not a crypto-currency, this is a forward sale of Venezuelan oil,
He went on to state that,
It is tailor-made for corruption.
Also, Donald Trump banned US residents from buying the coin. Per the official statement, the White House considers the launch of Petro as an attempt to evade US sanctions.
This news comes as the Libra project continues facing regulatory difficulties. US lawmakers recently held meetings with Swiss authorities regarding the project. They sought to find out how the authorities would regulate the coin. Apart from this, they aimed to find out the size and status of the project. However, despite the meetings, the legislators returned home unsatisfied.
Maxine Waters noted,
While I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency.
Do you think the launch of the Patria Remesa platform will help ease inflation in Venezuela? Let us know in the comments below.