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 The Joy of Socialism: Venezuelans Selling Petro on LocalBitcoins at Half the Official Price

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The Joy of Socialism: Venezuelans Selling Petro on LocalBitcoins at Half the Official Price Vide
PostSubject: The Joy of Socialism: Venezuelans Selling Petro on LocalBitcoins at Half the Official Price   The Joy of Socialism: Venezuelans Selling Petro on LocalBitcoins at Half the Official Price Icon_minitimeWed Jan 22, 2020 7:26 pm
Venezuelans are reportedly selling the state-launched Petro (PTR) cryptocurrency that was airdropped to them recently. Though the government claims to have fixed the value of one PTR at $60, the market price on LocalBitcoins is reported to be only half of that.
According to a Reddit thread, Venezuelans are turning to LocalBitcoins to sell their airdropped Petro amid disastrous economic conditions. This follows an airdrop to a claimed 6 million people in December.
The Reddit user claims that the government initially allowed the usage of Petro to buy products through a biometric app, but it soon shut it down as people flooded to the few stores that supported it.
Some government exchanges are reported to support PTR as well, but the exchange rate deviated too much from the “official” price.
The only option left for Venezuelans appears to be LocalBitcoins. Several listings can be found that accept Petro in exchange for Bitcoin or other currencies. However, all of them appear to be currently inactive. Several listings were still shown on the main page as late as Jan. 20.

The Joy of Socialism: Venezuelans Selling Petro on LocalBitcoins at Half the Official Price 1480_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9hZDFjNDI3ZDhkMGZjNWVhMmVkYjliYjNkYTM4MTU5OS5qcGc=

https://cointelegraph.com/news/venezuelans-selling-petro-on-localbitcoins-at-half-the-official-price
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