Despite the Venezuelan government's claims to provide the state cryptographic currency Petroleum, it still costs $58. Meanwhile, oil prices have fallen to $25.
According to the official petro cost calculator of the Venezuelan government, the state crypt currency, presumably provided with crude oil, retains its price of almost $59, despite the collapse of oil prices in March.
The price of crude oil has fallen dramatically in recent weeks due to the coronavirus pandemic and information that members of the Organization of Petroleum Exporting Countries have not extended production reduction agreements. Russia wanted to maintain current conditions and Saudi Arabia — to further reduce production. As a result, the OPEC+ deal ended on April 1, and there will be no more restrictions for alliance members if they fail to agree on new terms.
The sharp divergence in the cost of Petro and the price of oil once again raises the issue of real security and pricing of Venezuela's state crypt currency. In fact, we can talk about manual regulation of the token price.
The government of Maduro is having great difficulty in finding buyers and markets for both its oil and petro, after the U.S. has forbidden its citizens to invest in it. Petro is not available on the stock exchanges and therefore it is impossible to determine the market price of a token.
Recall that in February, there was information that retail stores in Venezuela have a negative attitude towards the spread of the crypt currency of petro. They do not want to work with it and call it a government scam. In March, the director of the project Sound Money said that Petro is used to monitor the finances of citizens.
Last week, the U.S. Department of Justice accused Venezuelan President Nicolas Maduro of drug trafficking and concealing related transactions with the help of cryptov currencies.
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