Venezuelans are reportedly selling the state-launched Petro (PTR) cryptocurrency that was airdropped to them recently. Though the government claims to take fixed the value of ane PTR at $60, the market place cost on LocalBitcoins is reported to be only half of that.

Co-ordinate to a Reddit thread, Venezuelans are turning to LocalBitcoins to sell their airdropped Petro amid disastrous economic weather. This follows an airdrop to a claimed six million people in December.

The Reddit user claims that the government initially allowed the usage of Petro to buy products through a biometric app, but it soon shut it down as people flooded to the few stores that supported it.

Some government exchanges are reported to support PTR likewise, but the commutation rate deviated as well much from the "official" price.

The simply pick left for Venezuelans appears to be LocalBitcoins. Several listings can exist found that accept Petro in exchange for Bitcoin or other currencies. However, all of them appear to be currently inactive. Several listings were even so shown on the main folio as tardily every bit January. 20.

Source: LocalBitcoins.com

Source: LocalBitcoins.com

Cointelegraph reached out to Ernesto Pinto, ane of the sellers on LocalBitcoins for clarifications.

He confirmed that he does buy Petro from Venezuelans in exchange for Bitcoin (BTC). Pinto explained that the cost was referenced from a local substitution, Amberescoin, which supported Petro. It amounted to 0.0036 BTC, or approximately $thirty for one Petro.

Only the sellers are struggling due to the excessive selling force per unit area from the airdrop. Pinto is unable to have Petro, as he cannot consummate the full substitution cycle and sell the Petro he received previously.

Pinto explained why:

"The bulk want to sell information technology because of an airdrop, where 8 million people want Bolivars considering the Bolivar makes it easier to purchase things."

He also referred to a Telegram group where Venezuelans discuss and try to exchange Petros. Ane particular user in the chat asked for options in Maracaibo, the 2d-largest city in the country:

"Anyone who sells food, rice, flour, sugar etc. and accepts Petros in Maracaibo?"