Venezuelan programmer who created the Petro token regrets participation in the project – works on an alternative token – Economy Bitcoin news


Venezuela’s government-backed cryptocurrency does not have the acceptance that the cabinet expected, as the latest reports suggest. The creator of the petro, now living in exile, wants to build a new crypto that will get the adoption that his original creation did not do in the nation.

Jiménez believed that the Petro could have given Venezuelans a “measure of freedom.”

According to a report published by Deutsche Welle, Gabriel Jimenez, a 31-year-old programmer, is seeking a “cryptocurrency revolution” in Venezuela with Reserve, a brand new token he created.

Jimenez – now living in the United States – is no stranger to the crypto community, nor to Nicolás Maduro’s government, as he was once tasked with founding the state-backed petro (PTR).

Interestingly, he was not a fan of the government as he actively participated in the street protests against Maduro. However, Jiménez thought that creating the petro token was an excellent idea to give Venezuelans “a measure of freedom” by circumventing US financial sanctions.

But Jiménez’s expectations of oil-backed petro turned out to be wrong. He noted:

I was naive then and it still pains me to see the petro being misused by the government as a political weapon.

In addition, Deutsche Welle cited reports that government officials even use petro for money laundering. That said, the 31-year-old programmer firmly believes that creating the digital asset was a mistake.

Maduro continues to promise to make Petro a widely accepted token

The Venezuelan government’s efforts to make its crypto accessible and widely accepted by the people have been making headlines since last year. In fact, despite the controversy, Venezuela was the first nation-state to implement a central bank digital currency (CBDC) in the wild.

In August 2020, Bitcoin.com News reported that the Bolivarian Council of Mayors on Sunday signed Venezuela’s national tax harmonization agreement, with the cryptocurrency petro being the unit of account for the payment of taxes and fines in 305 municipalities.

Yet the government is not giving up on the petro project. In fact, in an annual speech at the National Assembly in January 2021, Maduro spoke of a “resurgence” for the PTR, pledging to drive a “100% national digital economy” agenda through a “full digitization process”.

What do you think of this story? Let us know in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or invitation to an offer to buy or sell, or a recommendation or endorsement of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



About Cryptoplatforming.com

Cryptoplatforming.com is a news websites which gets news around the globe on investing in Crypto. Our news has no backgroundcheck.

Leave a Comment