El Petro banned
Venezuela is a difficult country with a very unstable economy. The state exists in the face of ever-increasing inflation and crime. The pressure is also affected. In order to somehow avoid the negative consequences of a weak state system, independent developers are constantly trying to develop third-party economic solutions. One of these has become the state cryptocurrency El Petro. The digital asset made a splash on the world stage, as both Venezuelan citizens and representatives of other states began to invest in the coin. And everything, it would seem, is taking its course. But today, the US government has officially outlawed the crypto developer. What is the reason and what to do with those who have already invested in El Petro? Let’s get it right.
What exactly is the problem?
If you follow the situation in the world, then you know that the Venezuelan economy is largely dependent on the turnover of narcotic substances. The abundance of cartels and independent criminals brings huge gray money to the state. Therefore, it is not surprising that neighboring countries, including the United States, are concerned about this trend. Many illegal businesses operate including in the United States, so the government is actively oppressing the Venezuelan government. For example, more recently, the United States has accused extremism and supporting the production of narcotic drugs of several senior officials from Venezuela. One of the accused was the president himself, who supported the development of cryptocurrency.
The US believes that the digital asset will simplify the flow of illegal funds both within Venezuela and beyond. The United States government is afraid that drugs will even go into their territory, because criminals will receive an advanced digital asset. To safeguard its own interests, America declared the main developer El Petro a criminal. Now everyone who has reliable information about the whereabouts of Ramirez Camacho can receive $ 5 million for the disclosure of valuable information. The investigation is being carried out by a special task force created by the US leadership, called Eldorado. Specialists conducted an independent investigation and established that Ramirez himself and his project received funding from criminal groups operating on the territory of two American continents.
What to do if invested in El Petro?
It should be understood that the United States has tremendous influence beyond its borders. So, it is likely that El Petro’s outlawing will soon begin in other countries. It is likely that many states will also recognize the coin as a criminal asset and prohibit the use of El Petro. That is why we strongly recommend that you play it safe and deal with your own coins. It’s better to sell your assets so you don’t worry that your savings are illegal. So far, this can be done on some cryptocurrency exchanges. The main thing is that the site is outside the borders of the United States, otherwise the transaction will not take place.
It is better to spend the money earned wisely and invest in more reliable financial assets. But, it is entirely possible that tomorrow the situation will change and El Petro will skyrocket. Even the smallest probability cannot be denied. So make independent conclusions and follow all the news of the crypto industry with us. We publish only high-quality and interesting material. Thank you for the attention. Good luck!