A New York-based crypto alternate has listed a token with the identical title because the Venezuelan state-issued asset, the Petro (PTR). In actuality nonetheless, the 2 are solely unconnected.
Exchanges comparable to BitMart have lately begun itemizing this equally named token for commerce on their platforms. However, the Venezuelan authorities has not but introduced any partnerships with exchanges overseas.
According to an article printed by Cointelegraph Spanish, solely seven native crypto exchanges supply 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 world viewers.
This isnt 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 2019, one other unconnected token known as PetroGreenback (XPD) skyrocketed over 2,000% on an alternate known as Cryptopia.
Other initiatives took benefit of the announcement across the identical time as effectively, with some issuing tokens below the identical title and selling them via deceptive ads.
Recently, the Bolivarian Council of Mayors in Venezuela signed a invoice known as the “National Tax Harmonization Agreement” for 305 municipalities within the nation. This invoice formally designated the Petro as a method of amassing funds for taxes and sanctions.