Venezuela had recently developed its CBDC, however, the official digital currency failed to receive proper acceptance from the Cabinet.
CBDC was named Petro by Venezuela Government, and the programmer who was the lead developer in the project regretted being part of it.
It was reported in the local press Deutsche Welle that the CBDC was originally programmed by a person known as Gabriel Jaminez. At the time when the programmer took the task, he was obvious that Petro was going to be an instant hit. In addition, he had thought that the Government Officials, particularly in the Cabinet, wouldn’t be reluctant to give Petro approval. However, all his expectations did not go as he had planned.
Though the Cabinet ultimately gave approval to the CBDC. However, when the currency was launched, its use was deliberately restricted. In fact, it was noticed by the programmer that his project was used for non-intended purposes. According to him, the government officials started to use Petro for the purposes of laundering the country’s money.
But looking at the delay from the Government’s end, the programmer is now in regret and wished he shouldn’t been part of the project. He was so regretful that he moved out of the country and established a residence in the United States.
The duty of developing state-backed cryptocurrency was entrusted to Jaminez by the Government of Nicolas Maduro. However, from day one the programmer was not fond of the Government’s attitude towards digitalization nor he liked his regime. In fact, at several occasions, the programmer also participated in street protests held against the Government. Yet he fulfilled the task assigned to him in accordance with the best of his abilities. Resultantly, he was able to successfully develop Petro CBDC.
Furthermore, the CDBC developed by Jaminez was one of its kind which was quite distinct from other known CBDCs. Normally a CBDC is backed by the native currency of the CBDC developer country. But in the case of Petro, the programmer had come up with a CBDC which was in fact backed by oil. But because the country’s premier isn’t accepted globally as the authentic leader, the country is facing sanctions from countries such as the US.
The argument of the US is that Maduro became the premier by usurping the free will of the people. It was also alleged that the premier funded violence against his own nation and gave rise to illicit activities such as money laundering.
Now the programmer has come with an alternate idea. He now plans to start a new cryptocurrency project under the banner “cryptocurrency revolution”. This is a new project which the programmer has intended for his homeland country. He is of the view that he is capable of producing a completely new cryptocurrency.
Although he regrets his production yet he successfully earned Venezuela a title. A title that the first every cryptocurrency of the world was developed and launched in Venezuela.