Nicolas Maduro, President of Venezuela strengthens its commitment to the belief that the state-created petro token will help resolve the country’s chronic inflation and act to streamline the economy.
Nicolas further addressed economic issues during a TV appearance on Thursday saying that the adoption of the Petro in international trade is expected to start in October. The formal announcement comes even though certain doubts raised by analysts community and economists that the token would widely be accepted by the international markets as reported by Reuters.
Further speaking to the subject matter, he said in the state television channel that “The Petro enters … as a currency of exchange, purchase and convertible currencies for the world.”
However, it has not cleared so far as to which sectors of the country’s global trade businesses will utilize the token which was officially introduced in February. Amid this, Maduro stated that the introduction of the petro into global trade comes especially when the deployment and creation of the token as part of the country’s economic recovery program in place.
Amid this, the news arrives immediately after Maduro officially introduced the country’s new fiat currency – the sovereign bolivar is estimated to be with the oil-backed petro. Further speaking to the matter, he significantly ordered local banks to use the petro as a unit of account.
As per the valid source of CoinDesk, it said that after the token’s formal introduction, Maduro requested to have certain requirements for some state-owned businesses to convert a percentage of their sales into petros.
Needless to say that the token has been so controversial, however, lawmakers in Venezuela would like to declare the plan to be “illegal,”. Amid this, U.S. President Donald Trump is expected to execute an executive order to restrict new sanctions against the country banning dealings in the petro.