Petro: The New Federal Cryptocurrency From Venezuela

22 February, 2018, 01:13 | Author: Diane Mills
  • Venezuela Launched A Cryptocurrency

Some critics have expressed doubts that the Petro cryptocurrency will thrive, mainly because of lack of trust in a government whose debt is being renegotiated and whose policies have brought skyrocketing inflation.

Maduro is hoping that craze over digital tokens will help Venezuela skirt US sanctions as it struggles under hyperinflation and a collapsing socialist economy. USA senators have also raised concerns that the cryptocurrency could be used to avoid sanctions.

For long, the USA has used sanctions as a strong arm tactics to compel errant nations to fall in line with its economic/political expectations. However, there is no link as to how to actually do it nor does the website provide any information on exchanges.

Reuters reports that the Petro will not be a token on the Ethereum network, as was previously disclosed in a whitepaper provided by the government. "We are in the technological and economic vanguard to overcome the speculation of global currencies that affect the lives of Venezuelans". The sanctions will also outlaw businesses that deal with the Venezuelan president Mr. The cost of all 100 million tokens would be slightly over 6 billion United States dollars, according to data provided by Nicolas Maduro in recent months, although no new price information was provided.

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Tuesday's raise was done through a private sale. If you've ever wanted to invest in Venezuelan crude oil but haven't been able to do so, then the country's Petro cryptocurrency will let you do just that. That's because of the strict sanctions the USA has in place for the South American country over its government operating like a dictatorship, among other issues.

When the U.S. Treasury department saw that Maduro was hell bent on issuing the crypto, it sent a strong warning to U.S. investors to steer clear of it.

Apparently, the USA treasury department must be working overtime to nip Petro in its bud and if that happens, the crypto world will be left with very little to celebrate. The sanctions it has in place for Venezuela prohibit the purchase of newly-issued Venezuelan debt.

He also hit back at the opposition coalition, which said earlier it would not participate in the April 22 presidential election without guarantees that they would be free and fair. With a vast reserve of fossil fuels, the country is facing a severe economic collapse not seen anywhere else in recent times. Another hurdle is that almost 50% of Venezuelan oil was headed for the USA before the advent of Shale oil and consequent dip in global oil prices.

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