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Venezuela, a country involved in a deep political and economic crisis has launched its cryptocurrency known as Petro. But some countries have already refuted possible transactions with this new virtual currency. Argentina and Poland, two countries with different economic, social and political ties with Venezuela have stated that they will not use the Petro for their products or services.

Argentina and Poland Far Away from Venezuela’s Petro

Argentine Finance Minister, Nicolás Dujovne, explained on February the 22nd that Argentina has no commercial relation with Venezuela’s government.

“Argentina has adopted a strong and firm position, we are one of the first countries that warned that Venezuela is not a democracy and that human rights are not respected and that it has several political prisoners,” commented Mr Dujovne in Madrid. “The Argentina government does not perform transactions with cryptocurrencies and much less it would do it with the Petro.”

Argentina has been taking similar measures as the United States in order to regulate the market. Cryptocurrencies are not considered legal tender but there are subject to taxation, as in the North American country.

Nicolás Dujovne

Nicolás Dujovne

During a conversation with CoinStaker, Argentina’s Central Bank Vice President, Lucas Llach, said that the government is not thinking about issuing a national cryptocurrency in the short term. The comments have been made on October and at the moment there is no further information on the matter.

With Poland, the situation is very similar. The Polish Ministries of Finance and Foreign Affairs refuted rumours about a possible Polish interest in trading with Petro. According to the news outlet TeleSur, Poland was one of the interested countries in receiving Petro for food and medicine.

About it, the Polish ministry of Finance told a local newspaper that “Poland did not receive any letter in this matter.” Furthermore, he explained that cryptocurrencies are not legal tender in Poland and are not used for trading activities.

United States Sanctions Against Venezuela

United States has been imposing strict sanctions against Venezuela. U.S. banks have been very cautious about operating with Venezuela.

“The petro digital currency would appear to be an extension of credit to the Venezuelan government … (and) could therefore expose U.S. persons to legal risk,” commented a Treasury Spokesman and reported by Reuters.

Poland and Argentina are working in this direction trying not to create conflicts with the United States. Poland needs the American military support in geopolitical terms. Argentina is working hard in order to be able to send more products to the American market. Accepting the Petro would be considered as help for the terrible socialist regime that is taking place in Venezuela.

Finally, about the possibility to develop a digital currency in Poland, Ministry of Digitalization, commented:

“The Ministry of Digitalization supports the development of distributed register technology, however, it does not run any projects and research related to cryptocurrency. We would also like to inform you that the Ministry of Digitalization has now withdrawn its patronage for the Polish Blockchain Technology Accelerator.”

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Image Courtesy of Noticieros Televisa and Portal de Noticias

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