A New York-based crypto alternate has listed a token with the identical identify because the Venezuelan state-issued asset, the Petro (PTR). In actuality nevertheless, the 2 are completely unconnected.
Exchanges comparable to BitMart have lately begun itemizing this equally named token for commerce on their platforms. Nevertheless, the Venezuelan authorities has not but introduced any partnerships with exchanges overseas.
In keeping with an article published by Cointelegraph Spanish, solely seven native crypto exchanges provide PTR for commerce in Venezuela. Two authorities platforms, named Plataforma Patria and PetroApp, moreover enable speculators to entry the token. None of those exchanges are technically accessible to a global viewers.
This isn’t the primary time confusion has led to a spike in worth for a non-affiliated asset. When Nicolas Maduro, president of Venezuela, launched the official token in February 2018, one other unconnected token referred to as “PetroDollar (XPD)” skyrocketed over 2,000% on an alternate referred to as Cryptopia.
Different tasks took benefit of the announcement across the identical time as nicely, with some issuing tokens below the identical identify and selling them by deceptive ads.
Lately, the Bolivarian Council of Mayors in Venezuela signed a invoice referred to as the “Nationwide Tax Harmonization Settlement” for 305 municipalities within the nation. This invoice formally designated the Petro as a means of collecting payments for taxes and sanctions.