More problems for Venezuela’s Petro cryptocurrency, as it’s hit by a new accusation

The national cryptocurrency of Venezuela has a whitepaper that seems rather familiar…

Venezuela’s government is banking heavily – in more than one sense – on its state-backed cryptocurrency, the Petro. The country has suffered major economic challenges and setbacks over the past year, and president Nicolas Maduro has viewed the Petro – which he says is backed by oil – as a way to restore confidence.

Furthermore, Maduro ordered the country’s banks, back at the end of August, to accept the cryptocurrency, around the same time that the traditional fiat currency of Venezuela, the bolivar, was devalued. All in the battle against hyperinflation.

Since then, the Petro has been dogged by criticisms, but Maduro has ploughed on regardless. He announced this week the official launch of a website for the Petro, that you can see here, and that the public sale for the currency would begin on November 5th.

However, on closer inspection of the Petro whitepaper, an alarm bell has been sounded. Joey Zhou, one of the core developers of Ethereum, took to his Twitter account to note the, er, ‘similarities’ between the whitepaper of the Petro, and that of Dash…

There’s been no official response from Venezuelan authorities, as you might expect.

Furthermore, there appears to be a pervading feeling that there’s simply no confidence in the Petro as a cryptocurrency, in spite of Maduro’s insistence that it’s backed by the likes of oil and gold.

All eyes are next on that November 5th launch date, some 11 months after Maduro first sounded the idea of an oil-backed national cryptocurrency. The signs, right now, don’t look too good…

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