{"id":3170,"date":"2021-04-29T12:50:26","date_gmt":"2021-04-29T11:50:26","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=3170"},"modified":"2021-04-29T12:50:36","modified_gmt":"2021-04-29T11:50:36","slug":"petro-token-developer-abandons-the-project","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/petro-token-developer-abandons-the-project\/","title":{"rendered":"Petro Token Developer Abandons the Project – Moves on to an Alternative Token"},"content":{"rendered":"\n
Petro Token<\/a>, which is backed by Venezuela\u2019s government is not having the acceptance its cabinet expected, as the news report suggest.<\/h5>\n\n\n\n
The petro\u2019s creator, Gabriel Jim\u00e9nez, who now lives in exile, wants to build another crypto<\/a> that gets the adoption its original creation did not in the nation.<\/h5>\n\n\n\n
\"Petro
Petro Token<\/figcaption><\/figure>\n\n\n\n

Jim\u00e9nez thought that the petro could have given Venezuelans a \u2018Measure of Freedom\u2019
per a report released by Deutsche Welle, Gabriel Jimenez, a 31-year-old-programmer, is looking to pursue a \u201ccryptocurrency revolution\u201d in Venezuela with Reserve, a brand-new token he created.<\/p>\n\n\n\n

Jimenez, who now lives in the USA \u2013 is not a stranger to the crypto community, nor Nicol\u00e1s Maduro\u2019s government, as he was once commissioned to create the state-backed petro (PTR).<\/p>\n\n\n\n

Quite interestingly, he wasn\u2019t a fan of the government, as he actively participated in the street protests against Maduro. However, Jim\u00e9nez thought that creating the petro token was an excellent idea to give Venezuelans \u201ca measure of freedom\u201d by bypassing U.S. financial sanctions.<\/p>\n\n\n\n

But Jim\u00e9nez\u2019s expectations on oil-backed petro turned out to be wrong. He commented:<\/p>\n\n\n\n

I was naive at the time, and it\u2019s still hurting me to see how the petro is being misused as a political weapon by the government.<\/p>\n\n\n\n

Moreover, the report by Deutsche Welle mentioned that state officials are even using petro for money laundering purposes. That said, the 31-year-old-programmer firmly believes creating the digital asset was a mistake.<\/p>\n\n\n\n

Maduro Keeps Promising to Make Petro a Widely Accepted Token
Venezuelan government\u2019s efforts in making its crypto accessible and widely accepted by the people have been making the headlines since last year. In fact, despite the controversy, Venezuela was the first nation-state to deploy a central bank digital currency (CBDC) in the wild.<\/p>\n\n\n\n

In August 2020, Bitcoin.com News reported that the Bolivarian Council of Mayors signed Venezuela\u2019s National Tax Harmonization Agreement on Sunday, placing the cryptocurrency petro as the unit of account for the payment of taxes and fines in 305 municipalities.<\/p>\n\n\n\n

Regardless, the government is not ready to give up on the petro project. In fact, during an annual speech at the National Assembly in January 2021, Maduro talked about a \u201crevival\u201d for the PTR, promising to boost a \u201c100% national digital economy\u201d agenda through a \u201ccomplete digitalization process.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Petro Token, which is backed by Venezuela\u2019s government is not having the acceptance its cabinet expected, as the news report suggest. The petro\u2019s creator, Gabriel Jim\u00e9nez, who now lives in exile, wants to build another crypto that gets the adoption its original creation did not in the nation. Jim\u00e9nez thought that the petro could have […]<\/p>\n","protected":false},"author":63,"featured_media":3172,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[166,164,165],"class_list":["post-3170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-gabriel-jimenez","tag-petro-token","tag-venezuela"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/04\/Petro-Token.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=3170"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3170\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/3172"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=3170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=3170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=3170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}