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Venezuela launches oil cryptocurrency

Venezuela launches oil cryptocurrency

Venezuela's government will launch the first sale of its commodity-linked cryptocurrency, the petro, on Tuesday. Venezuela's opposition-led National Assembly has called the project illegal, arguing that oil assets can not, by law, be sold, and that the currency is a form of debt that has to be approved by the legislature. But given its history and the risk of running afoul of USA watchdogs, the new currency still seems a lot like the old one-even if it's been sprinkled with cryptocurrency dust. Its price is pegged to the average daily price of a barrel of Venezuelan oil, now around $60.

Through an exchange of Petro ERC20 tokens acquired in the presale.

It is worth remembering that, according to OVCS, there were 165 killed in demonstrations in 2017, a year in which there were 9,787 protests, a record since OVCS started measuring such events in 2011. "Venezuela advances as an economic power", the president remarked, quoted by Infocoin.net, specifying that the petro pre-sale will be "through ERC20 tokens". The legislative body argued that the issuance would effectively be borrowing against the country's oil reserves, thus violating laws setting out that congress must approve government borrowing. In the case of the former, United States financial institutions have been banned from lending the South American country any more money, making refinancing Venezuela's existing debt, and acquiring new debt, almost impossible.

Venezuela owes bondholders, oil companies, airlines, China, Russia and other creditors about $141 billion, according to a report last fall by Moody's Investor Service.

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

You either love or hate cryptocurrencies; but none have drawn quite as controversy as El Patro, an oil- backed cryptocurrency that was designed by Venezuelan President Nicolas Maduro back in December.

President of Venezuela Nicolás Maduro posted a video through his Twitter account in which he sent a message of peace and called for unity, alongside several of his ministers.

It's unclear how much demand the petro will draw.

The "Petro" was released for pre-sale to invited investors at midnight on Tuesday February 20th.

Is Venezuela's new cryptocurrency an ingenious plan to evade USA sanctions?

Carlos Vargas, the official in charge of managing the token, said investors could buy these tokes against "hard currencies" and cryptocurrencies, excluding fiat currency such as the bolivar.

Maduro, the 55-year-old successor of Hugo Chavez, is seeking re-election in the April 22 vote despite his unpopularity and a crushing economic crisis.

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