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It Has Begun! Venezuela Launches National Oil-Backed Cryptocurrency

09 Enero 2018

For now, the government has credited 5.3 billion barrels of crude oil to the country's digital asset.

A dedicated "registry" for interested parties began operations December 22 and will remain open through January 21. If Venezuela fails to deliver the oil, he asks, what is the legal recourse for holders?

2 syndicated article, "D-Day Venezuela", Hausmann proposes that Venezuela's opposition-controlled National Assembly impeach dictator Nicolás Maduro and appoint a new constitutional government, which in turn could request military assistance from other countries. Over the past year, the U.S. Treasury Department has blacklisted numerous top-ranking officials, including Maduro and many of his ministers.

Despite attempts by lawmakers to crack down on the use and mining of cryptocurrency, the practice appears to be continuing.

Every petro will be equal in value to Venezuela's oil barrel (around $59).

The president hopes Petros will allow Venezuela to "advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade" implemented by the US and its junior partners. But the sanction would devastate the finances of the already-bankrupt Maduro government, which depends on oil sales for more than 90 percent of its revenue.

Inflación en Venezuela durante 2017 cerró en 2.616% — AN
El diputado a la Asamblea Nacional , Rafael Guzmán, miembro de la comisión de finanzas aseguró que la inflación de diciembre fue de 2.616%.


The Superintendency, as well as the Blockchain Observatory, will regulate how the Petro functions.

The publication added that central authorities under the direction of Carlos Vargas would oversee Petro's rollout.

Describing the move as a step into the 21st century, Maduro said the government plans to incorporate cryptocurrency or "Petros" into its monetary system and back its value with natural resources such as oil, gas, gold and diamond reserves. One of them, former attorney general Luisa Ortega, told the Wall Street Journal last month that security forces had killed 8,292 people in just 2½ years.

But that's the precedent that's really useful. Venezuela will be one of the few nations to actually roll out legalized state regulated cryptocurrency. With Venezuela soon starving, he shocked the world ten years later by calling on Venezuela to default on its debts and use the cash to feed its people.

It Has Begun! Venezuela Launches National Oil-Backed Cryptocurrency