The latest report shows that cryptocurrencies supported by the Venezuelan government have not been recognized by the cabinet. Peter’s creator is now living in exile, and he wants to build another cryptocurrency so that his original creation is not adopted in the United States.

Gines believes that oil can give Venezuelans “a measure of freedom”

According to a report released by Deutsche Welle, 31-year-old programmer Gabriel Jimenez hopes to carry out a “cryptocurrency revolution” in Venezuela through his new token Reserve.

Jimenez, who now lives in the United States, is no stranger to the cryptocurrency community and Nicolas Maduro’s government because he was once instructed to create state-backed oil (PTR).

Interestingly, he does not like the government because he actively participated in street protests against Maduro. However, Jiménez believes that the creation of oil tokens is a brilliant idea that can bypass US financial sanctions, thereby giving Venezuelans a “a certain degree of freedom.”

But it turns out that Jimenez’s expectations of oil-backed oil are wrong. He commented:

I was naive at the time, but seeing how the government abuses oil as a political weapon still hurts me a lot.

In addition, Deutsche Welle cited reports that state officials even used oil for money laundering. In other words, the 31-year-old programmer firmly believes that creating digital assets is a mistake.

Maduro is expected to make Petro a widely accepted token

Since last year, the Venezuelan government has been working hard to make cryptocurrency easy to use and widely accepted. In fact, despite the controversy, Venezuela is the first nation-state to deploy a central bank digital currency (CBDC) in the wild.

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In August 2020, Bitcoin.com News reported that the Council of Mayors of Bolivar City signed Venezuela’s “National Tax Coordination Agreement” on Sunday, using cryptocurrency oil as a record for paying taxes and fines in 305 cities. Unit of account.

Nevertheless, the government still does not abandon oil projects. In fact, Maduro talked about the “renaissance” of the PTR in the National Assembly’s annual speech in January 2021, and promised to promote the “100% national digital economy” agenda through a “complete digitalization process”.

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