Maduro: Digital currency puts Venezuela on tech vanguard

22 February, 2018, 00:57 | Author: Lora Ball
  • Nicolas Maduro

Venezuelan Cryptocurrency Superintendent Carlos Vargas last week said the government was expecting to draw investment from investors in Turkey, Qatar, the United States and Europe.

Elections that exclude political actors and fall short of worldwide standards "will lack all legitimacy and credibility" the so-called Lima Group said in a statement last week.

Venezuela has launched its own cryptocurrency called "Petro" which it claims is the world's first sovereign cryptocurrency.

Venezuela President Nicolás Maduro initially announced Petro in December 2017, planning an offering of 100 million Petro tokens, valued at $6 million American dollars.

"Petro is born and we are going to have a total success for the welfare of Venezuela", Maduro said on Tuesday.

Raising further doubts, Mr. With the idea of maintaining the value of the virtual currency, Maduro allocated 5 billion barrels of oil to its support.

Bitcoin and other digital tokens are already widely used in Venezuela as a hedge against hyperinflation and an easy-to-use mechanism for paying for everything from doctors*visits to honeymoons in a country where obtaining hard currency requires transactions in the illegal black market.

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Cryptocurrencies by design are decentralised financial systems, so one created by a government runs contrary to that spirit and creates an opportunity for manipulation, said Mr. Leidenz.

Ledezma is no longer considered a key player in Venezuela's fractured opposition, but he had been an iconic Maduro rival when he was under house arrest before fleeing the country.

While polls show the majority of Venezuelans plan to head to the polls, they overwhelming indicate they are apathetic about the current opposition field, which is lead by former governor Henri Falcon.

Theoretically, the petro is backed by Venezuela's reserves of precious metals like gold and crude oil.

Prior to the launch, government advisers recommended that 38.4 percent of the petros should be sold in a pre-sale private auction at a discount of 60 percent.

The opposition coalition is expected to boycott the April presidential poll, because they believe it is rigged to ensure Maduro's re-election despite his unpopularity and a crushing national economic crisis.

"The Petro reinforces our independence and economic sovereignty, and will allow us to fight the greed of foreign powers that try to suffocate Venezuelan families to seize our oil", he said. One document highlights the use of Ethereum network while another document which is now being referred to as the buyer's guide shows the use of NEM blockchain system.

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