The first cryptocurrency in the world created by a state, the Petro (PTR), is disconnected in the middle of the Coronavirus crisis. What happen? Is the end of the crypto asset backed in gold, diamonds and oil?
The operation of the Petro, as well as all the transactions of this state crypto, has been paralyzed in the few national crypto exchanges that trade it. Petro disconnects in Coronavirus and this has caused much confusion. What happened
As we well know, Petro ₽ (PTR) is the Venezuelan state cryptocurrency, launched in 2018. This is not a cryptocurrency that respects the free market as such. Since its value is not as volatile as the price of Bitcoin (BTC), nor as stable as that of a stablecoin.
Its value, according to its White Paper and the government of Nicolás Maduro, is based on the large reserves of gold, diamond and oil that the rich Venezuelan subsoil possesses.
The Petro disconnects for “maintenance”
According to an announcement made on the official Instagram page led by the National Superintendent of Crypto Assets (SUNACRIP), the entire Petro platform has begun scheduled maintenance.
In addition, the government institution indicates that “scheduled maintenance” will end the afternoon of next Sunday, May 10. Just when Mother’s Day is celebrated in Venezuela.
“During this period we will make new updates to our technology platform, which will allow us to further improve the services and the execution of the operations it offers.”
Despite claims that maintenance was “scheduled,” the news appears to have surprised most of the small Petro crypto community (PTR).
Many of its users went to Twitter to ask questions and raise theories about what could have caused the disconnection.
One of these theories is generated in relation to the recent events that have occurred on the beaches of the Vargas state, 45 minutes from the capital of the Republic of Venezuela.
What will be the future of cryptocurrency?
Given that both SUNACRIP and the central government have been silent since maintenance work was announced, it appears that users will have to wait until Sunday at least to discover the Petro’s fate.
The Petro (PTR) is used by the Nicolás Maduro government as a political tool. Through the use of this cryptocurrency, many of the country’s subsidies are delivered. For this reason, the need and urgency of the Venezuelan people.
How long will platform maintenance take? Have you ever had problems using Petros before?