When President Petro was unveiled to the world by Venezuelan President Nicolas Maduro, he led the enthusiastic team successful idea that would be. A cryptocurrency supported by the government, anchored in oil, which would help the Venezuelan nation struggling in its crisis period with a hyper-inflated currency.

However, the pomp and promise of the Petro were quickly dissected and viewed through the sentiment coming from those in Venezuela, as well as those who were exiled or abandoned of their own free will, see the Petro as a big scam.

Maduro continues to plug in and push his digital currency, inviting OPEC Country to join in and start the presale. But, as the rest of the world and especially the United States, continue their tirade against it, it is important to see how this happens in the Venezuelan community.

Trouble Brewing

It is important to understand the political and socio-economic situation in Venezuela before plunging into a purely financial and economic perspective, especially based on cryptocurrencies; supported by the state or otherwise. Politically, it is very complicated, but essentially, there are two factions in Venezuela, the Chavistas, the name given to supporters of the socialist policies of the late President Hugo Chavez, and those who can not wait to see the end of 18 years in power of his United Socialist Party.

Maduro follows the socialist politics and spirit of his predecessor, but could not dominate like Chavez, leading to a bubbling undercurrent of discontent. Thus, in addition to the economic collapse and hyperinflation, the country is living in a permanent political crisis for several years. Many have reported how this crisis has seen an intensification of the use of cryptocurrency to counter the failing currency and has also shown a boom in mining, but according to those who are there or have witnessed from crumbling, cryptocurrencies are only available to a small minority

Limited Crypto Opportunity

Ostensibly, there is a tendency to support the Petro. However, many people call it a paid propaganda campaign on platforms like Twitter. The hashtag #AlFuturoConElPetro, which means "In the future with Petro" has been used by government agencies and supporters, including the president.

Estamos dando a giant step hacia the nueva economía y el futuro. ¡Sinceros orgullosos de nacimoso de Petro! Learn more about this page to see more details on this page. #AlFuturoConElPetro pic.twitter.com/G7S1XoVSQt – Nicolás Maduro (@NicolasMaduro) February 21, 2018

Speaking to Cointelegraph, Ricardo & # 39; who admits that he was recently exiled from Venezuela explains that Cryptocurrencies and the Make it work in the country with digital currencies represents a small percentage:

"Today, at less than 80% of the population lives below the poverty line Only a very small percentage of the population can have the economic resources to use cryptography as an exchange currency for everyday transactions, have access to a smartphone, at least, and an even lower percentage of the previous group possess the technical know-how to actually understand and use a cryptocurrency.Therefore, as a substitute for Bolivar's failure, it's far from # To be a solution for the people. "

However, with this little group trying everything to make it work, Ricardo can see them fling himself to the water with the Petro he y to do not chance to make a profit. "You bet they will [invest / speculate with the Petro] on condition that they see a decent chance of making a profit," explained Ricardo, but reiterating that it's a tiny part of the population that will have a chance to do so:

"Venezuelans can take sides in politics, and nowadays the vast majority of the country rejects the Maduro regime, but Venezuelans are spontaneous opportunists when it comes to personal and economic benefits, add to this cultural trait the fact that the country is facing the worst economic, social and political crisis in its modern history, and you had a catalyst for a very attractive use case of Petro for regular Venezuelans. "

Ricardo goes on to explain that in this tiny subset of crypto users in Venezuela, those who decide to try The Petro will not put all their efforts into this cryptocurrency.

"Under no circumstances will they put all their assets into the Petro." There is something that the majority of the country now knows is that the Maduro Diet has the sole intention of eradicating power by any means, and so we have seen it all, high-volume propaganda, archaic economic measures, exchange control and financial plans that have only served to enrich senior officials, while controlling the masses by hunger and fear. "

Petro Propaganda

Following what Ricardo said, another Venezuelan who spoke to Cointelegraph, Luis, reiterated the point that there are not enough young people, technology, The savvy population left to buy in the Petro:

" There is not a lot of word in the streets at all.In view of the huge exodus, anyone who has a diploma or is young enough already gone. What you will see in the streets is the "left behind", they are not very knowledgeable.

However, according to reports, Venezuela was a mining Mecca because of its cheap electricity. and because of the need for cryptocurrencies to replace their failing local currency. But, according to Luis, cryptocurrency miners have had hard times

"You can verify that Annmain used to sell a huge gap in their equipment to Venezuelans: It all went wrong when the police started tracking and arresting, stealing, kidnapping those with mining farms. "

Venezuela has seen reports of minors arrested since 2016, but with the announcement of the Petro, there has been a dramatic turnaround in these policies while Carlos Vargas, the country's new cryptocurrency superintendent, has confirmed that citizens who exploited Bitcoin other cryptocurrencies did not violate the law. But, according to Luis, this is not the case, and he even admits that he himself was compelled to search mining farms:

"J & rsquo; Had contracts to search farms for dangerous business … I'm not proud, but here you smile and do it, or get shot at. "Maduro said he'd support the miners, but this is further aggravated, there are tweets from his supporters denouncing cryptocurrences like Bitcoin to the public.Then came the Petro.All is now about the Petro, there is no word about them. cryptos in general.Their propaganda only says that they are bigger than Bitcoin. "

Dodging the Sanctions

Another Venezuelan," Rómulo ", believes that the Petro is just another way to avoid the sanctions that have a oil-rich country for so long, a tool in the hands of corrupt officials:

"The Petro is a way of escaping economic sanctions and going into debt with the country. This is not transparent. it is not decentralized, no one knows what is the total supply. How can anyone say that it is a cryptocurrency if it does not conform to these main features?

Many of the problems facing the Venezuelan people are political struggles and policies, as mentioned earlier, there is a real divide, and the opposing side is getting stronger and stronger. Alemacgo's targeted Maduro and his policies in this state-sponsored cryptocurrency purchase.

"I am appalled by the fact that some members of the community cryptographic appear to speak out of a totalitarian dictator and help him fund the oppression of my fellow citizens. Venezuelans are starving because of Maduro's communist policies. For those who think that this can be an opportunity to move the economy, the government has been in power for 20 years, and all they have done is leave us poor and hungry.

Dodgy coin

Some citizens have even taken a look at the composition of the play, putting in context the creators, the government under fire, questioned its so-called oil anchorage. "Alexander explains: