Title Title
Venezuela state oil company to use cryptocurrency exclusively, Maduro says Venezuela state oil company to use cryptocurrency exclusively, Maduro says
Summary Summary
Earlier this year Donald Trump announced sanctions to restrict the use of the petro in U.S. financial transactions Earlier this year Donald Trump announced sanctions to restrict the use of the petro in U.S. financial transactions
Highlights Highlights
Content Content
<strong>Venezuelan President Nicolás Maduro said state-owned oil company Petróleos de Venezuela, S.A (PDVSA) will carry out all its transactions in petro cryptocurrency from August 20 onward, <a href="https://sputniknews.com/latam/201808141067171901-venezuela-pdsva-petro-transactions/">according to Sputnik</a>.</strong> <strong>Venezuelan President Nicolás Maduro said state-owned oil company Petróleos de Venezuela, S.A (PDVSA) will carry out all its transactions in petro cryptocurrency from August 20 onward, <a href="https://sputniknews.com/latam/201808141067171901-venezuela-pdsva-petro-transactions/">according to Sputnik</a>.</strong>
"All PDVSA operations will be conducted in Petro, this is a fundamental change to the country's monetary system," Maduro said. "All PDVSA operations will be conducted in Petro, this is a fundamental change to the country's monetary system," Maduro said.
Maduro also said the petro will be linked to the new bolívar, which was also announced to go into circulation on August 20. Maduro also said the petro will be linked to the new bolívar, which was also announced to go into circulation on August 20.
In March, U.S. president Donald J. Trump <a href="https://www.whitehouse.gov/briefings-statements/presidential-message-congress-united-states-2/">signed an executive order</a> to impose additional sanctions on Venezuela by prohibiting the exchange of its controversial cryptocurrency, the petro, which was launched to bypass existing sanctions. In March, U.S. president Donald J. Trump <a href="https://www.whitehouse.gov/briefings-statements/presidential-message-congress-united-states-2/">signed an executive order</a> to impose additional sanctions on Venezuela by prohibiting the exchange of its controversial cryptocurrency, the petro, which was launched to bypass existing sanctions.
Venezuelan President Nicolás Maduro hoped that the introduction of the petro would aid the country's troubled economy, which has been crippled by international sanctions and is struggling with hyperinflation.  Venezuelan President Nicolás Maduro hoped that the introduction of the petro would aid the country's troubled economy, which has been crippled by corruption, ineptitude and plummeting investment and is struggling with hyperinflation and international sanctions against regime figures.
<b> </b> The <a href="http://www.elpetro.gob.ve/">petro</a>, which officially started its pre-sale on February 20, will be backed by Venezuela's crude oil reserves and is issued by the state. According to Maduro, the petro raked in more than $5 billion, as <a href="http://bitcoinist.com/venezuela-president-5-billion-petro/">reported by <em>Bitcoinist</em></a>. <b> </b> The <a href="http://www.elpetro.gob.ve/">petro</a>, which officially started its pre-sale on February 20, will be backed by Venezuela's crude oil reserves and is issued by the state. According to Maduro, the petro raked in more than $5 billion, as <a href="http://bitcoinist.com/venezuela-president-5-billion-petro/">reported by <em>Bitcoinist</em></a>.
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The digital token was <a href="https://www.reuters.com/article/us-venezuela-economy/enter-the-petro-venezuela-to-launch-oil-backed-cryptocurrency-idUSKBN1DX0SQ">first announced</a> by Maduro in December 2017 as a way to circumvent U.S. and European Union sanctions against government and ruling party functionaries, and supplement the Venezuelan bolivar which is plunging in value. The country has been in a <a href="https://en.wikipedia.org/wiki/Crisis_in_Venezuela_(2012%E2%80%93present)">socioeconomic and political crisis since 2012</a>. The digital token was <a href="https://www.reuters.com/article/us-venezuela-economy/enter-the-petro-venezuela-to-launch-oil-backed-cryptocurrency-idUSKBN1DX0SQ">first announced</a> by Maduro in December 2017 as a way to circumvent U.S. and European Union sanctions against government and ruling party functionaries, and supplement the Venezuelan bolivar which is plunging in value. The country has been in a <a href="https://en.wikipedia.org/wiki/Crisis_in_Venezuela_(2012%E2%80%93present)">socioeconomic and political crisis since 2012</a>.
The petro will initially exist as a token on top of the <a href="https://www.ethereum.org/">Ethereum</a> network, according to its early <a href="http://www.elpetro.gob.ve/Whitepaper_Petro.pdf">whitepaper</a>, but<em> CoinDesk</em> <a href="https://www.coindesk.com/petro-debut-learned-venezuelas-cryptocurrency-today/">reported</a> that it's possible the petro will later be built on top of the lesser-known <a href="https://nem.io/">NEM</a> blockchain platform. It will be pre-mined, meaning the government will control the supply. According to the government, each petro will be backed by a barrel of oil and will be sold at the same price. The petro will initially exist as a token on top of the <a href="https://www.ethereum.org/">Ethereum</a> network, according to its early <a href="http://www.elpetro.gob.ve/Whitepaper_Petro.pdf">whitepaper</a>, but<em> CoinDesk</em> <a href="https://www.coindesk.com/petro-debut-learned-venezuelas-cryptocurrency-today/">reported</a> that it's possible the petro will later be built on top of the lesser-known <a href="https://nem.io/">NEM</a> blockchain platform. It will be pre-mined, meaning the government will control the supply. According to the government, each petro will be backed by a barrel of oil and will be sold at the same price.
"Petro is born and we are going to have a total success for the welfare of Venezuela," President Nicolas Maduro said on Tuesday, as <a href="http://www.aljazeera.com/news/2018/02/venezuela-petro-cryptocurrency-180219065112440.html">reported by <em>Al Jazeera</em></a>. Politicians and government Twitter accounts are using the hashtag <a href="https://twitter.com/hashtag/PetroParaVencer?src=hash" target="_blank" rel="nofollow noopener">#PetroParaVencer</a>, meaning “Petro to conquer,” to promote the digital token. "Petro is born and we are going to have a total success for the welfare of Venezuela," President Nicolas Maduro said on Tuesday, as <a href="http://www.aljazeera.com/news/2018/02/venezuela-petro-cryptocurrency-180219065112440.html">reported by <em>Al Jazeera</em></a>. Politicians and government Twitter accounts are using the hashtag <a href="https://twitter.com/hashtag/PetroParaVencer?src=hash" target="_blank" rel="nofollow noopener">#PetroParaVencer</a>, meaning “Petro to conquer,” to promote the digital token.
Venezuela's opposition-run congress <a href="https://www.reuters.com/article/us-venezuela-economy/venezuelas-congress-declares-petro-cryptocurrency-illegal-idUSKBN1EY2H2">has declared</a> the petro as illegal. “This is not a cryptocurrency, this is a forward sale of Venezuelan oil,” <a href="https://www.reuters.com/article/us-venezuela-economy/venezuelas-congress-declares-petro-cryptocurrency-illegal-idUSKBN1EY2H2">said politician Jorge Millan</a>. “It is tailor-made for corruption.” Venezuela's opposition-run congress <a href="https://www.reuters.com/article/us-venezuela-economy/venezuelas-congress-declares-petro-cryptocurrency-illegal-idUSKBN1EY2H2">has declared</a> the petro as illegal. “This is not a cryptocurrency, this is a forward sale of Venezuelan oil,” <a href="https://www.reuters.com/article/us-venezuela-economy/venezuelas-congress-declares-petro-cryptocurrency-illegal-idUSKBN1EY2H2">said politician Jorge Millan</a>. “It is tailor-made for corruption.”
In a<a href="https://www.ft.com/content/f365a7ec-1653-11e8-9376-4a6390addb44"> short analysis</a> on the petro, the Lex column of <em>The Financial Times</em>, noted the irony of an autocratic administration launching a cryptocurrency. It said the petro had more to do with bringing U.S. dollars into the struggling economy and perhaps bypassing sanctions, than an anti-authoritarian strike against banks and states which cryptos were initially designed to avoid. "Right now (investors) can only buy them with hard currencies, such as U.S. dollars, rather than the wrecked Bolivar. This is the real plan in motion." In a<a href="https://www.ft.com/content/f365a7ec-1653-11e8-9376-4a6390addb44"> short analysis</a> on the petro, the Lex column of <em>The Financial Times</em>, noted the irony of an autocratic administration launching a cryptocurrency. It said the petro had more to do with bringing U.S. dollars into the struggling economy and perhaps bypassing sanctions, than an anti-authoritarian strike against banks and states which cryptos were initially designed to avoid. "Right now (investors) can only buy them with hard currencies, such as U.S. dollars, rather than the wrecked Bolivar. This is the real plan in motion."
The country is launching the petro during a push by many countries to increase regulatory oversight of cryptocurrencies or even prohibit their use, as is the case in <a href="https://www.cryptoglobe.com/latest/2018/08/cryptocurrency-trading-is-strictly-prohibited-in-saudi-arabia-regulators-reaffirm-stance-against-virtual-currencies/">Saudi Arabia</a> and China. The country is launching the petro during a push by many countries to increase regulatory oversight of cryptocurrencies or even prohibit their use, as is the case in <a href="https://www.cryptoglobe.com/latest/2018/08/cryptocurrency-trading-is-strictly-prohibited-in-saudi-arabia-regulators-reaffirm-stance-against-virtual-currencies/">Saudi Arabia</a> and China.
<h2>Does the petro add up?</h2> <h2>Does the petro add up?</h2>
<a href="http://www.elpetro.gob.ve/index-en.html"><strong>The Venezuela White Paper--a Venezuelan perspective</strong></a> <a href="http://www.elpetro.gob.ve/index-en.html"><strong>The Venezuela White Paper--a Venezuelan perspective</strong></a>
The content of the White Paper offers a portal into the potential realities of the market. The content of the White Paper offers a portal into the potential realities of the market.
<strong>Nintey-Two Years of Venezuelan Debt Crisis--a market perspective</strong> <strong>Nintey-Two Years of Venezuelan Debt Crisis--a market perspective</strong>
A <a href="https://www.economist.com/news/finance-and-economics/21720289-over-past-year-74-venezuelans-lost-average-87kg-weight-how">perspective from</a> <em>The Economist</em> on the economic position of Venezuela. A <a href="https://www.economist.com/news/finance-and-economics/21720289-over-past-year-74-venezuelans-lost-average-87kg-weight-how">perspective from</a> <em>The Economist</em> on the economic position of Venezuela.
<a href="https://www.nytimes.com/2017/11/09/world/americas/venezuela-maduro-us-sanctions.html"><strong>U.S. Sanctions against Venezuela </strong></a><em>(New York Times)</em> <a href="https://www.nytimes.com/2017/11/09/world/americas/venezuela-maduro-us-sanctions.html"><strong>U.S. Sanctions against Venezuela </strong></a><em>(New York Times)</em>
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Categories Categories
Cryptocurrencies, Economics, Markets, Venezuela, Cryptocurrencies Cryptocurrencies, Economics, Markets, Venezuela, Cryptocurrencies
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Ethereum, maduro, Venezuelan trade Ethereum, maduro, Venezuelan trade
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<p>Detailed description of tokens https://blockchainhub.net/tokens/</p> <p>Detailed description of tokens https://blockchainhub.net/tokens/</p>

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