The Venezuelan government-backed cryptocurrency is not getting the acceptance that the cabinet expected of it, as the latest reports suggest. The creator of the petro, now living in exile, wants to build another crypto that gets the adoption that his original creation did not have in the nation.
According to a report published by Deutsche Welle, Gabriel Jiménez, a 31-year-old programmer, seeks to pursue a “cryptocurrency revolution” in Venezuela with Reserve, a new token that he created.
Interestingly, he was not a fan of the government, as he actively participated in street protests against Maduro. However, Jiménez thought that the creation of the petro token was an excellent idea to give Venezuelans "a measure of freedom" by circumventing financial sanctions from the United States.
"I was naive at the time, and it still pains me to see how the government is misusing the petro as a political weapon."
The Venezuelan government's efforts to make its crypto accessible and widely accepted by the people have been in the headlines since last year. In fact, despite the controversy, Venezuela was the first nation-state to implement a Central Bank digital currency in the wild.
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