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The political confrontation makes it difficult to adopt petro in Venezuela

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Key facts:
  • The petro does not finish penetrating the Venezuelan population due to the political background confrontation.

  • Some citizens relate petro in particular to Chavismo.

The Venezuelan government is still in full campaign to promote its national cryptocurrency, Petro (PTR). On December 18, the first allocation of Christmas bonds – Augustinals – was made in petro for public officials and pensioners. A movement that seeks to promote the use of cryptoactive in Venezuelan society, ensuring its adoption. However, in social networks the difficulties facing petro are becoming more visible, one of them being the political confrontation in Venezuela.

In terms of adoption, the representatives of the Venezuelan government seem to have a defined strategy. Formalizing alliances with national payment companies, the authorities try to ensure the circulation of petro as a digital currency. Likewise, by distributing PTRs in a mandatory manner among its public officials and pensioners, try to encourage the use of petro among citizens this Christmas.

In this way, the success of the petro would not depend on the investors own initiative, but on a presidential decree. The Venezuela of the Bolivars seems to be undergoing a forced transformation to become the "Venezuela of the Petros." In the midst of this traumatic birth, merchants are forced to keep an accounting record in Petros. It seems to be in doubt that Venezuelan companies have to open up to this new payment system, while an important group of the population shows a strong rejection of the use of petro.

It is not only that Venezuelans do not understand the operation of the petro, due to a change of ideological and technological paradigm. Nor is it about disinterest in the overwhelming supply of payment and savings mechanisms preferred by citizens, such as the dollar, the euro and even bitcoin. The petro does not finish penetrating the Venezuelan population due to the political background confrontation. The cryptocurrency is seen as a weapon of the government, so those citizens who oppose Nicolás Maduro's mandate do not want to relate to this cryptocurrency.

A radicalized country

Venezuelan politics has claimed jobs, friendships, entire homes and even lives. This article does not have the objective of pointing out guilty parties or promoters of violence and intolerance, but it is important to mention this reality to understand the context of petro in Venezuelan society. The political situation is not only a matter of daily conversation in Venezuela, but an element that affects the opinion and perception of individuals.

For example, the famous Venezuelan orchestra conductor Gustavo Dudamel has received rejection comments from citizens opposed to the government on social media. Their lack? Having played several times for the national government, even during periods of strong street protests.

On the other hand, the late former president Hugo Chávez Frías commented on live broadcast that he would "fry in oil" the head of his political competitors. Disqualifications, insults and dehumanization have been part of the official and popular discourse in Venezuela for more than 20 years. Because of this, it is not surprising that radical political positions also affect the Venezuelan economy.

Last week it became clear that the petro is also subject to political rejection, since citizens relate directly to Nicolás Maduro. The Venezuelan soccer club, Estudiantes de Mérida F.C, public A few days ago a photo of the new uniform they will wear for 2020. The Instagram post received a torrent of negative comments after it was revealed that it would promote the petro.

A large majority of fans of this club pointed to the board as "allies" or "plugged in" for their alleged collaboration with the government. Other users also called the action a "shame" because it "publicized a dictatorship." Among the most prominent comments highlighted those of those fans who asked to eliminate the propaganda of the shirt, since they did not want to be related to the government.

On previous occasions, citizens have expressed not wanting to use the petro in their day to day since they do not trust national institutions or the cryptocurrency itself. However, after this last controversy, it can be ensured that animadversion also has a mood component. A group of citizens do not see petro as a cryptocurrency created by the Venezuelan government, but as a tool devised by a group of people they repudiate.

The political confrontation and radical discourse, which for years have been feeding in Venezuela, can make it difficult to adopt the petro considerably. It would not be the first time that a part of the Venezuelan population has decided to stop using a service because it is directly related to the government. An example of this is the so-called "country card", which is part of the system of identification and delivery of subsidies in which a bulk of the population decided not to participate for political reasons.

In addition to the above, its adoption is also affected for technical reasons. The petro has been questioned by bitcoiners and ecosystem enthusiasts, who believe that it cannot be qualified as a cryptocurrency due to its design. In parallel, there is still uncertainty in the population regarding the use of petro due to the lack of information and its technological complexity.


Disclaimer: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of CriptoNoticias.



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