• News
  • World

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.

Leave Your Comment

Leave Your Comment


Latest News

  • Rick Gates is reportedly about to plead guilty to Robert Mueller

    Rick Gates is reportedly about to plead guilty to Robert Mueller

    The investigation into the two men is centered on foreign lobbying work they did before they worked on Trump's campaign. Skadden's $12,000 fee for its 2012 report on Tymoshenko was modest, just below the amount that required public bidding.
    MHA seeks report on Delhi chief secretary's assault

    MHA seeks report on Delhi chief secretary's assault

    If something good happens Kejriwal and his MLAs take credit and if it's something bad onus falls on government. The officers' body is reportedly demanding a police case against the Chief Minister and the two AAP lawmakers.
    Hornets unlikely to bring back GM Rich Cho next season

    Hornets unlikely to bring back GM Rich Cho next season

    According to a report by ESPN's Adrian Wojnarowski , Hornets general manager Rich Cho is not expected to be retained beyond this season.
  • Sexual exploitation is widespread in the global aid sector, United Kingdom  lawmakers told

    Sexual exploitation is widespread in the global aid sector, United Kingdom lawmakers told

    Goldring also said that the charity has received allegations of 26 new misconduct violations since the scandal broke out.

    Montella jokes that Sevilla might have to 'kill' Alexis Sanchez

    The UEFA Champions League match between Sevilla and Manchester United will be played on Wednesday night, February 22, 2018. Sevilla host United in their Champions League round of 16 first leg in a tie the Premier League side are favourites for.
    Google AI can Predict Cardiovascular Problems

    Google AI can Predict Cardiovascular Problems

    If the eyes are the window to the soul, Google thinks it's proven that the retina can offer a window to the state of the heart. Those eye scans helped train the networks on which tell-tale signs led to indicate long-term cardiovascular risk.
  • Raw's Gauntlet Match Proves The Show Needs To Cut The Third Hour

    Braun Strowman defeated Elias, Finn Balor, John Cena , Roman Reigns , Seth Rollins , and The Miz (w/Bo Dallas & Curtis Axel). WWE will do its best to make Nia look strong, but she isn't going to be the one that breaks Asuka's undefeated streak.
    Medium intensity quake shakes SW Mexico, scaring residents

    Medium intensity quake shakes SW Mexico, scaring residents

    Residents stand out in the street following a 5.9-magnitude quake in Mexico City early on February 19, 2018. The quake woke residents of Mexico City , with many people running into the streets, Reuters reports.
    Russia Admits to 'Dozens' of Casualties in Syria Clashes

    Russia Admits to 'Dozens' of Casualties in Syria Clashes

    The mercenaries were apparently working for a private Russia-based military company called the Wagner Group. Was it local direction? "We'll work with obviously anyone who can answer that question". " Don't ask me.
  • Secret Service skirmish in Beijing over nuclear football

    Secret Service skirmish in Beijing over nuclear football

    The brawl soon ended with the president and his team following Chinese protocol and regular security procedure. John Kelly , a retired Marine general and the chief of staff, went to the aide's assistance.
    Uber Eats driver suspected of killing customer

    Uber Eats driver suspected of killing customer

    Patterson said Thornton was irate that it took a while for his food to arrive. "Words may have been exchanged", Brown said. Thornton then reached into his jacket pocket and shouted "I'm going to f- you up", according to Bivines's attorney.
    Blac Chyna sex tape leaked online, legal action threatened

    Blac Chyna sex tape leaked online, legal action threatened

    In an ABC News exclusive interview , she explained that she was devastated and betrayed that he would seek revenge this way. It wouldn't be shocking to find out Chyna leaked the tape but upon the backlash, made a decision to be outraged by it.
  • Trump tweets admit Russian interference

    Trump tweets admit Russian interference

    Russian Federation has denied meddling in the USA election and Trump has denied any collusion. President Trump tweeted that his campaign, quote, did nothing wrong, no collusion.
    Joint Korea Winter Asian Games proposed

    Joint Korea Winter Asian Games proposed

    The US and South Korea announced on Tuesday that drills would resume after the Olympics . Alliance solidifies the dates, we will publish that".
    Turkey wants joint U.S.  deployment in Syria's Manbij

    Turkey wants joint U.S. deployment in Syria's Manbij

    On Jan. 20, Turkey launched Operation Olive Branch to clear PYD/PKK and Daesh terrorists from Afrin . The Turkish government has denied the claims.
  • Poor iPhone X Sales Prompt Samsung To Slash OLED Panel Production

    Poor iPhone X Sales Prompt Samsung To Slash OLED Panel Production

    The rise of ASP (average sale price) to more than make up for disappointing volume appears to be helping out significantly. Samsung did not immediately respond to our request for comment and Nikkei's report did not cite specific sources.
    Comparable sales shine at Home Depot

    Comparable sales shine at Home Depot

    This repurchase authorization allows the home improvement retailer to purchase shares of its stock through open market purchases. Furthermore, it has price to sale ratio of 2.20 that signifies the value placed on each dollar of a firm's sales or incomes.
    Carnival probes security personnel's response to brawl in South Pacific cruise

    Carnival probes security personnel's response to brawl in South Pacific cruise

    Several passengers reportedly locked themselves in their cabins in order to escape what became three days of violence. The police were, in fact, called to meet the ship off the coast of Eden, a couple hundred miles east of Melbourne .

Breaking News



Recommended

Assassin's Creed Origins Adds Game Plus With Discovery Tour Mode Today

As much fun as it is to do what Assassins do best, the world that acts as a stage for Bayek's adventures has its own allure. As you'd expect, new game plus lets you start fresh without loosing your character progression.

Kvitova wins Doha final to return to top 10

It is the fourth time they will have met in a semi-final, the Czech winning all three previous encounters. Kvitova had reached the final by defeating Caroline Wozniacki 3-6, 7-6 (3), 7-5 in Saturday's semifinals.

DUP may call for direct rule in House of Commons debate

Mr Varadkar spoke to British Prime Minister Theresa May on the phone following the meeting. Challenging decisions will have to be taken".

Jesus Navas warns Man Utd not to underestimate Sevilla

United overcame Huddersfield 2-0 in the FA Cup on Saturday - even though they were without a host of first-team players. He came off the bench in the 3-2 win over City, and scored in his next game - a 3-0 win over Bolton at Old Trafford.

Supreme Court Won't Hear Challenge To Calif. Gun Waiting-Period Case

Supreme Court declined to hear a Second Amendment case challenging California's 10-day waiting period for firearms purchases. The court would take these cases because abortion, speech and the Fourth Amendment are three of its favored rights.

Activist refers MP to police over gun post

Mr Goodenough did not agree with suggestions by Labor and the Greens that the Prime Minister should reprimand Mr Christensen. Senator Hanson-Young said she received an abusive email shortly after she criticised Mr Christensen's post on social media.

Microsoft to stop push notifications for Windows Phone 7.5 and 8.0

According to the announcement, the company has spared the device running Windows 8.1 and 10 mobile. Although bug fixes related to security would still be offered for some more time.

Jackson, Ohio Middle School Student Shoots Himself

Students are being dismissed from class today. "Students who rode the bus can be picked up at the high school by their parents". The boy was rushed to a local hospital with a wound to his temple, but information on his condition is not yet available.

Hundreds pay their respects to Morgan Tsvangirai at funeral

Mnangagwa said the upcoming elections in Zimbabwe, expected by July, should be free, fair and credible as a tribute to Tsvangirai. Tsvangirai will be buried in his rural home of Buhera, in eastern Zimbabwe, on Tuesday.

THREE BILLBOARDS OUTSIDE EBBING, MISSOURI Movie Review: EXCEPTIONAL!

William will also be presenting the Fellowship award - the ceremony's highest accolade - to director Ridley Scott. James Ivory , won best adapted screenplay for " Call Me By Your Name ".