Promoting oil coins, Venezuela has not given up: this is the only way to prevent the depreciation of income

Joselit Ramírez, head of the Venezuelan National Cryptographic Assets and Related Activities Regulatory Authority (SUNACRIP), on the radio encouraged people to use the Venezuelan government-backed encryption asset, Petro. Ramírez reminds listeners that its system, Sistema Patria, can now make simple, secure remittance payments online.

Last year, the Venezuelan government became the first country in the world to introduce digital currency. The oil coins it introduced were supported by the country's oil reserves.


Promote oil coins, Venezuela has not given up

Ramirez urged listeners to use the newly created national remittance payment system on the show. The show aired on the National Radio of Venezuela.

SUNACRIP is an autonomous institution dedicated to monitoring the activities of cryptographic assets.


On the radio, Ramirez said that the recently completed "Sistema Patricia" can help overseas funds enter Venezuela, which is fast and safe, and will not be subject to inflationary pressures. The regulator stated:

“This is the easiest and safest way to send money, and it’s the only way to prevent revenue devaluation.”

He added that the coin was introduced by Venezuelan President Nicolas Maduro in January last year to fight the dollar and help the country "cure the wounds of war."

Ramirez said that the world is evolving and therefore requires a new payment system.

“The traditional financial system has been overwhelmed. This is why the emergence of cryptocurrencies has given people a better understanding of the economic world.”

Although the Venezuelan government has been encouraging people to use oil coins, it even plans to make airdrops on 1 million wallets , but since the launch last year, Venezuela has almost no signs of using oil coins. Whether the government's efforts will be widely supported in the short term seems to be very doubtful.

After all, since the country’s legal currency Bolivar has experienced a sharp depreciation due to government policies, why does the public believe in another currency created by the government?

Hyperinflation has plagued Venezuela in recent years, and many supporters of crypto assets say the country may become the preferred country for “hyper-bitcoinisation” (rejecting legal currency, supporting bitcoin). There are also many stories of cryptocurrency mining, and there are reports that some families use Bitcoin to protect their wealth. Coupled with the rapid depreciation of Bolivar, cryptocurrency seems to be their lifeline.

However, some people believe that in Venezuela, cryptocurrency has not yet been widely popularized. To solve the socio-economic problems facing the country, it is not only the decentralized cryptocurrency that is not controlled by the government.