Petro the Venezuelan goverment backed "crypto" is trading at less that 8 USD, goverment insist it is a stablecoin and it value MUST be 60 USD by law

Hi guys, Venezuelan living here.You can see my post history, I usually keep track of the weekly amount traded in LocalBitcoin here in Venezuela (around 500 BTC weekly).In Dec 2019 goverment airdropped 0.5 PTR (Petro) to a big chunk of Venezuelans, mostly public employees. Stores were obligated to accept it as way of payment (using a wallet o using somekind of POS that links the wallet with the fingerprint of the user). Goverment said: You must accept it and its value is 60 USD, so a lot of people spend their 0.5 PTR (around 30 USD) for like 3-4 days.Then, it stopped.Why? The money wasn't getting to the stores and when it did, they paid it in Bolivares, losing a big part of the value (some of the were receiving only 20 USD instead of the 30 USD).After no one accepted it, a lot of people didn't spend the petros, so didnt know what to do with them.The only exchanges where you can trade the PTR, are Venezuelan (One is called Amberescoin other is called Criptolago) and they have a really HIGH KYC policy (ID, passport, selfies and so on), I even think you can register ONLY if you are Venezuelan. These exchanged were sponsored by the goverment and they had to have a permission of the goverment to open a "legal" exchange.Anyway, these "Exchanges" are kinda free market, so the Petro took its "real" value. It wasnt accepted anywhere and people just wanted to exchange for "something".Remember, here the MONTHLY minimum wage is around 4-5 USD! Yes, you read it right, MONTHLY.And when there is a lot of offer and no demand... the price drops...Right know the price is around 1,300,000 Bs. (Bolivares). With a exchange rate of 1 USD = 175,000 Bs.That is LESS than 8 USD.Of course this is a complete mess to the govement, they insist its price should be FIXED and MUST be 60 USD. Good look with that.This is one of the exchanges:https://twitter.com/AmberesCoin/status/1256201821430984704/photo/1(There you can see PTR/VES 1,300,000)Here is the USD equivalenthttps://https://ift.tt/2KTEPxo me anything!

Submitted May 02, 2020 at 03:30AM