According to the Director of the Sound Money project, launched by the American Institute of economic research, the Venezuelan cryptocurrency Petro is used to monitor the finances of citizens of the country.
William J. Luther believes that the use of Petro can help the Venezuelan economy circumvent us sanctions, but inside the country, the cryptocurrency is used to oppress ordinary citizens. According to the analyst, the government uses the digital currency to spy on the population.
“Insisting on using Petro, the Maduro regime clings to power even more strongly. With the help of Petro, it is easier to circumvent sanctions and the government has returned some of the revenue from oil sales. But it is also easier to track internal transactions and put pressure on the opposition,” Luther said.
Note that now Petro supports only the state purse. The wallet also has support for BTC, LTC and DASH. Each wallet is linked to a citizen’s passport, so the government can track all financial transactions.
However, not everyone shares Luther’s point of view. So, Carlos Gil, CEO of PetroShop Venezuela, which sells goods for Petro, said:
“Petro has the same verification procedures as on Binance or Coinbase. All require identification of the client in connection with international requirements for countering money laundering and terrorist financing. I think that companies like Facebook, which are a tool of US control and surveillance, pose a much greater threat to people’s privacy,” he said.
However, some cryptocurrency enthusiasts in Venezuela do not trust the public purse. As noted by trader Ernesto Ochoa, he” a thousand times more ” trusts the bitcoin wallet, the secret keys to Which he stores on his computer.
Recall that in early February, retail stores in Venezuela declared their distrust of the Petro cryptocurrency. They do not want to work with her and call what is happening a Scam of the government.