Whether it be propaganda or the truth, a Venezuelan official claims that President Trump’s recent sanctions against the country have caused an uptick in interest in the Petro from Americans.
The comments came from Venezuela’s executive secretary of Blockchain Observatory, Daniel Peña. He made them during an interview with the country’s Cuatro F Newspaper.
Let’s discuss.
Trump helps Petro?
Peña reportedly told the newspaper that President Trump’s ban on Americans being able to buy the Venezuelan token has turned out to be free publicity.
He even boasted that the ban has helped to “double the number of investors who are interested in buying the crypto, which is backed by the country’s oil reserves,” according to the media outlet.
The ban is part of the latest round of sanctions that the U.S. has put in place for the country, which has been labeled a dictatorship. In March, President Trump signed an executive order calling for the new sanctions.
The new sanctions are part of a larger package of measures that also include several individual sanctions against Venezuelan officials and/or associates.
Questionable claims about Petro
The comments about the sanctions causing an increase in interest for the Petro come on the heels of other claims that are questionable.
In February, we told you about the newly-appointed Superintendent of Cryptocurrencies, Carlos
Vargas, saying the token had attracted investors from many countries, including Qatar, Turkey and other Middle Eastern countries, as well as European nations and the U.S.
The claim back then that U.S. investors were among the Petro buyers raised eyebrows. That’s because of the strict sanctions the U.S. has in place for the South American country over its government operating like a dictatorship, among other issues.
Maduro insists all is well
We told you earlier today about Venezuelan President Nicolas Maduro insisting that the Petro ICO raised $5 billion. This is despite observations that the raise has not benefited the country directly.
Reports are that a saving grace for the Petro is the fact that Maduro wants to create four special economic zones that will engage in the commerce of goods and services via the cryptocurrency, creating a healthy ecosystem of demand and supply.
This article appeared first on Cryptovest
