A New York-based crypto change has listed a token with the identical title because the Venezuelan state-issued asset, the Petro (PTR). In actuality nonetheless, the 2 are fully unconnected.

Exchanges comparable to BitMart have just lately begun itemizing this equally named token for commerce on their platforms. Nonetheless, the Venezuelan authorities has not but introduced any partnerships with exchanges overseas.

In keeping with an article revealed by Cointelegraph Spanish, solely seven native crypto exchanges provide PTR for commerce in Venezuela. Two authorities platforms, named Plataforma Patria and PetroApp, moreover permit speculators to entry the token. None of those exchanges are technically obtainable to a world viewers.

This isn’t the primary time confusion has led to a spike in value for a non-affiliated asset. When Nicolas Maduro, president of Venezuela, launched the official token in February 2018, one other unconnected token known as “PetroDollar (XPD)” skyrocketed over 2,000% on an change known as Cryptopia.

Different tasks took benefit of the announcement across the similar time as properly, with some issuing tokens below the identical title and selling them by means of deceptive commercials.

Not too long ago, the Bolivarian Council of Mayors in Venezuela signed a invoice known as the “Nationwide Tax Harmonization Settlement” for 305 municipalities within the nation. This invoice formally designated the Petro as a method of accumulating funds for taxes and sanctions.