{"id":1172,"date":"2018-12-03T21:56:48","date_gmt":"2018-12-03T21:56:48","guid":{"rendered":"https:\/\/icoholder.com\/blog\/?p=1172"},"modified":"2025-06-10T11:33:20","modified_gmt":"2025-06-10T11:33:20","slug":"maduro-raises-petro-price-in-venezuelas-cryptocurrency-update","status":"publish","type":"post","link":"https:\/\/icoholder.com\/blog\/maduro-raises-petro-price-in-venezuelas-cryptocurrency-update\/","title":{"rendered":"Maduro Raises Petro Price in Venezuela\u2019s Cryptocurrency Update"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/icoholder.com\/blog\/maduro-raises-petro-price-in-venezuelas-cryptocurrency-update\/#Bolivar_Anchored_to_Nothing\" >Bol\u00edvar Anchored to Nothing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/icoholder.com\/blog\/maduro-raises-petro-price-in-venezuelas-cryptocurrency-update\/#No_Wallet_No_Code_No_Petro\" >No Wallet, No Code, No Petro<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/icoholder.com\/blog\/maduro-raises-petro-price-in-venezuelas-cryptocurrency-update\/#In_conclusion\" >In conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<p data-pm-slice=\"1 1 []\">Nicolas Maduro, the Venezuelan President, raises Petro price by announcing an increase of Venezuela\u2019s national cryptocurrency known as the Petro. The price, which came into effect on Friday, November 30, was announced by the President on state television. Maduro also increased the monthly minimum wage of the country by 150 percent, making it the sixth time the rate has been hiked this year.<\/p>\n<p>According to Bloomberg, \u201cThe price for the Petro cryptocurrency will rise from 3,600 sovereign bolivars [Bs.s] to 9,000.\u201d<\/p>\n<h3 data-pm-slice=\"1 1 []\"><span class=\"ez-toc-section\" id=\"Bolivar_Anchored_to_Nothing\"><\/span>Bol\u00edvar Anchored to Nothing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-pm-slice=\"1 1 []\">Back in August, the President linked the price of the sovereign bolivar (bol\u00edvar soberano) to the Petro. The bolivar has been Venezuela\u2019s main currency since August 20 this year. At the time, Maduro said, \u201cEach Petro, as the anchor point of the sovereign bolivar, will have a value of 3,600 Bs.s.\u201d<\/p>\n<p>This news has understandably upset many citizens.<\/p>\n<p data-pm-slice=\"1 1 []\">Leonardo Buniak, a Venezuelan economist, shared his views on the latest announcement. A local news outlet, Atodomomento, quoted him saying that the \u201cPetro was worth 3,600 Bs.s because the Dicom dollar cost 60 and the oil cost 60.\u201d Buniak added, \u201cNow a Petro is decreed at 9,000 Bs.s. You have just devalued the sovereign bolivar with respect to the Petro by more than 100%.\u201d He explained, \u201cAnchoring the bolivar to the Petro is anchoring it to nothing.\u201d<\/p>\n<p>Buniak also claimed that the \u201cPetro cannot be called a cryptocurrency because the value was set by President Maduro, not by supply and demand.\u201d<\/p>\n<h3 data-pm-slice=\"1 1 []\"><span class=\"ez-toc-section\" id=\"No_Wallet_No_Code_No_Petro\"><\/span>No Wallet, No Code, No Petro<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-pm-slice=\"1 1 []\">The announcement has triggered criticism from all corners. At the time of writing, no wallet is available for the Petro. Attempts to download the wallet for Linux and Windows show a pop-up message. It says, \u201cThis wallet will soon be available for your operating system.\u201d Venezuela\u2019s Economic Minister and former Vice President, Tarek El Aissami, blamed Google. He said Google removed the wallet&#8217;s Android app from its Play Store.<\/p>\n<p data-pm-slice=\"1 1 []\">Maduro raises Petro price, yet <a href=\"https:\/\/icoholder.com\/blog\/indias-new-gst-regulation-on-gaming-implications-for-cryptocurrency-and-blockchain-based-platforms\/\">independent confirmation<\/a> of the functionality or existence of the coin is virtually impossible since the Petro code has not been made public. In addition, there are no published data or charts that show the Petro network&#8217;s health such as transaction throughput, network activity, mining hash rate, confirmation times, or any other normal crypto statistics.<\/p>\n<p>The block explorer of the Venezuelan government, on its own part, shows \u201ca total of 3,138 block despite the Petro&#8217;s white paper\u2019s description of one block per minute.\u201d<\/p>\n<h3><span class=\"ez-toc-section\" id=\"In_conclusion\"><\/span>In conclusion<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-pm-slice=\"1 1 []\">President of Venezuela, Nicolas Maduro, has ordered the price of the country\u2019s national cryptocurrency to increase from 3,600 sovereign bolivars to 9,000. He made the announcement on state television. This comes despite the fact that the wallet for the cryptocurrency is still unavailable.<\/p>\n<p>For other trending news in the crypto sphere, subscribe to the ICOHolder\u2019s newsletter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nicolas Maduro, the Venezuelan President, raises Petro price by announcing an increase of Venezuela\u2019s national cryptocurrency known as the Petro. The price, which came into &hellip; <\/p>\n","protected":false},"author":15,"featured_media":7826,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-1172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Maduro Raises Petro Price in Venezuela\u2019s Cryptocurrency Update<\/title>\n<meta name=\"description\" content=\"Maduro raises Petro price from 3,600 to 9,000 bolivars, sparking debate over Venezuela\u2019s national cryptocurrency stability - IcoHolder.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/icoholder.com\/blog\/maduro-raises-petro-price-in-venezuelas-cryptocurrency-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maduro Raises Petro Price in Venezuela\u2019s Cryptocurrency Update\" \/>\n<meta property=\"og:description\" content=\"Maduro raises Petro price from 3,600 to 9,000 bolivars, sparking debate over Venezuela\u2019s national cryptocurrency stability - 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