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.

More news: Penn State wins easily against Ohio State 79-56 - Recap, Box score

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.


  • #WakandaForever: See the best outfits worn for 'Black Panther' opening weekend

    #WakandaForever: See the best outfits worn for 'Black Panther' opening weekend

    Get Out is ranked fifth, Call Me By Your Name is in sixth, and Paddington 2 is in eighth. See how "Black Panther" compares to some of the biggest opening weekends of all time .
    Donald Trump not cleared by Russian Federation  investigation: Schiff

    Donald Trump not cleared by Russian Federation investigation: Schiff

    When I easily won the Electoral College, the whole game changed and the Russian excuse became the narrative of the Dems. Trump repeatedly rejected the assertions by US intelligence agencies that Russian Federation was behind the hacking.
    Chicken shortage forces KFC branches in the UK to shut temporarily

    Chicken shortage forces KFC branches in the UK to shut temporarily

    A number of outlets in Ireland and the United Kingdom were forced to close because of a shortage of the Colonel's favourite. DHL revealed that shipments had been "incomplete or delayed" due to "operational issues".
  • Electric auto  market jumpstarts cobalt prices

    Electric auto market jumpstarts cobalt prices

    Bloomberg says that talks first began more than a year ago, and Apple is seeking a long-term deal - though nothing is yet certain. Carmakers are also racing to lock up cobalt contracts as they prepare to make more electric vehicles.
    Dale Earnhardt Jr. is grand marshall for Daytona 500

    Dale Earnhardt Jr. is grand marshall for Daytona 500

    With the stages being set for the Daytona 500 at Lap 60 and Lap 120 of the scheduled 200-lap event, things got dicey on Lap 59. Also, 20 years ago this week, Dale took his No. 3 auto into victory lane for his one and only Daytona 500 victory in 1998.
    Red Sox sign JD Martinez after long pursuit

    Red Sox sign JD Martinez after long pursuit

    His salary is $20 million each year from 2018-22 and would be $13 million annually from 2023-25 if he doesn't terminate the deal. He also doesn't have much to provide in the outfield, posting a awful -7.7 UZR previous year .
  • Lavrov Warned About US Plans for Syria

    Lavrov Warned About US Plans for Syria

    The statement appears to confirm media reports last week that said scores of Russian mercenaries were being treated at Russian military hospitals.
    Over 70 Civilians were Killed in Air Strikes in Syria

    Over 70 Civilians were Killed in Air Strikes in Syria

    However, Russian Foreign Minister Sergei Lavrov said conditions in the enclave were being exaggerated by global actors. The rebels have been responding with mortar attacks on Damascus but the government's military might is far stronger.
    Google AI can scan your eyes to predict heart disease

    Google AI can scan your eyes to predict heart disease

    In addition, this technique could help generate hypotheses for future scientific investigations into CV risk and the retina. Google and Verily's scientists analyse a medical dataset of almost 300,000 patients.
  • Four Israelis wounded in Gaza border explosion

    Four Israelis wounded in Gaza border explosion

    Hospital cleaning workers demonstrated their support during the ceremony, holding signs reading "Thank you, Qatar". Sources told the daily that the Mr Al Emadi was not directly hit but was forced to leave.
    Virgin Hyperloop One Sets Out Plan to Link Indian Ports

    Virgin Hyperloop One Sets Out Plan to Link Indian Ports

    The loop will be able to ferry about 150 million passengers each year due to the easier access to the airport gates. According to officials, this is cheaper than other forms of high-speed on-ground travel.
    Canadian pair win ice dance gold; Shibutani siblings win bronze

    Canadian pair win ice dance gold; Shibutani siblings win bronze

    Virtue and Moir added sizzle to technical perfection. "They're a once-in-a-generation talent, that you don't see often". They tied legendary Sonja Henie - an Olympic champion in 1928, '32 and '36 - for the most gold figure skating medals.


Maduro: Digital currency puts Venezuela on tech vanguard
Venezuela has launched its own cryptocurrency called " Petro " which it claims is the world's first sovereign cryptocurrency. With the idea of maintaining the value of the virtual currency, Maduro allocated 5 billion barrels of oil to its support.

US rip Slovakia to reach Olympic ice hockey quarters
College kids again led the way for the US , which scored more against Slovakia then it did in all three preliminary-round games. United States of America managed to beat Slovakia, 2-1, as Ryan Donato displayed his best by scoring two power-play goals.

Ex-Skadden Atty Pleads Guilty In Mueller Probe
Mr Manafort and Mr Gates were indicted in October previous year as part of Mr Mueller's investigation into Russian meddling. A total of 19 people have now been charged as part of the investigation, including five USA nationals and 13 Russians.

The Walking Dead season 8
Other sources note AMC has made "aggressive offers" to re-sign Cohan for season nine. Lauren Cohan's role in the ninth season of " Walking Dead " is still unclear.

Windows Phone 7 and 8.0 devices will no longer receive push notifications
Once the company halts push notifications, live tiles and the Find My Phone feature will not work. Although bug fixes related to security would still be offered for some more time.

Trump Back to Denying Russia Interfered in US Election
But ever since Trump's grand vindication, Kilmeade, Doocy and Earhardt have rediscovered their patriotic, Anti-Soviet fervor. The special counsel probe of Trump campaign ties to Russian Federation is moving much faster than expected.

Samsung Galaxy S9, Features, Specifications and Price in India
And let's not forget that some carriers may come up with their own special Galaxy S9 deals in the coming weeks, as well. The handset is likely to feature the fingerprint sensor on the back as back as IRIS scanner for security goal .

Schools on Lockdown in Jackson Township, Ohio, After Gunshot Reported
According to the school district's Facebook page , the student "suffered an apparent self-inflicted gunshot wound this morning". Several schools in OH are on lockdown this morning after a 7th grader reportedly shot himself, multiple sources have reported.

Buccaneers: Doug Martin has been released
He ran for 1,454 yards as a rookie, exploding on the scene out of Boise State and looking like a future franchise back. In eight games, Martin had just 421 yards on 144 carries, averaging a dismal 2.9 yards per attempt.

Police confirm 18 killed, 22 wounded in multiple bomb blast in Borno
Victims with minor injuries were taken to local hospitals, the PM News reported citing the State Emergency Management Agency. About 17 persons have been killed while 50 injured following multiple explosions that hit Borno State, North-east Nigeria .