Venezuela's currency is the world's first government cryptocurrency.
Perhaps unsurprisingly, members of the country's National Assembly - which is controlled by political parties in opposition to Maduro - have blasted the move, including in statements issued just hours after Tuesday's broadcast event. It has hit the country hard since oil accounts for 96 percent of its exports.
"Within the framework of policies to strengthen monetary sovereignty and promote welfare by bringing power closer to its citizens, the government of the Bolivarian Republic of Venezuela has made a decision to embark on an ambitious project for the future, with the vision of turning the country into a blockchain-based solutions development hub for emerging economies", the site noted. Venezuela and its state-owned oil company are now in default on about US$1.7 billion in debt payments.
Amid the country's rising economic crisis which has led to hyperinflation and a worthless national currency, the government is issuing the Petro in an effort to bolster the economy.
Venezuelan's major opposition groups edged closer Tuesday to an all-out boycott of an upcoming presidential election, warning the vote won't be free or fair. During his address, Maduro stated that the first operations will be carried out via a private sale. The tokens are each created to be valued at and backed by a barrel of Venezuelan crude oil.
The initial offering begins on March 20, and is open to the public. The government will distribute the remaining 18% to the Superintendency of Currency and Related Activities. Europe's sanctions are against Venezuelan government officials. However, the digital coins are not redeemable for barrels of crude oil.
Theoretically, the whole value of the issuance, at current oil prices, would be about US$6 billion, but with discounts it might end up raising a couple billion, give or take, for the government. "We are in the technological and economic vanguard to overcome the speculation of global currencies that affect the lives of Venezuelans". The news were revealed on Twitter, where he mentioned that it had raised more than CNY 4.777 million ($735 million).
In a letter to the treasury secretary, Florida Senator Marco Rubio and New Jersey Senator Robert Menendez wrote: "We have serious doubts about whether Venezuela has the capacity to launch a cryptocurrency..."
"[The] petro is a fraudulent, illegal and invalid mechanism for the government to continue its shady business and money laundering, because it is not known where those resources will come from", he wrote.
With (rigged) elections slated for April (spoiler alert: Maduro will win), it doesn't look like much is set to change for Venezuela, its citizens or its creditors. But it already is, isn't it?
The group announced earlier this year that it would be axing 900 jobs, but creating 450 new ones as part of this change. The bank outlined four areas of focus on the financial needs and behaviour of the customer of the future.
The Vice President was due to meet Kim Jong Un's sister at the Winter Olympics, but the U.S. claims Pyongyang abruptly pulled out. He continued, saying North Korea had a "desire to whitewash their murderous regime with nice photo ops at the Olympics ".
Just a year ago Williams collapsed while taping a live Halloween segment and attributed it to overheating in her costume. She posted the announcement on Twitter and urged women to consistently check on their health. "I'm a thoroughbred.
Beacon Financial Group decreased its stake in Wal ( WMT ) by 18.96% based on its latest 2017Q3 regulatory filing with the SEC. Finally, Old Mutual Global Investors UK Ltd. lifted its holdings in shares of Wal-Mart Stores by 128.7% in the third quarter.
In 1950, he launched his weekly "Hour of Decision" radio program that became a staple of Christian broadcasting for 60 years. The first time was when we met backstage at the 1972 Southern Baptist Convention in Philadelphia.
While the figures above aren't adjusted for inflation, the larger takeaway is that Black Panther is a raging success. Less than a week after hitting theaters , the response to Black Panther has been overwhelmingly positive.
Lex Kerssemakers, a Volvo senior vice president, confirmed in an interview with Roadshow that the new S60 will be coming soon. In the U.S. , the V60 will be offered with two gasoline powertrains: a T5 FWD providing 250 hp and a T6 AWD with 316 hp.
Police charged Cruz, who had been kicked out of the school due to disciplinary problems, with 17 counts of premeditated murder. A student who survived the high school shooting in Florida last week is speaking out at the state capitol about his experience.
Study leader Professor Christopher Gardner said fizzy drinks, for example, may be low in fat but they are not healthy . The other group went low-fat, starting with no more than 20 grams of fat per day, the equivalent to a handful of nuts.
The most recent numbers (Feb. 4-10) showed an upward trend in new lab-confirmed cases with more than 1,000 in the week. Symptoms of the flu may include fever, chills, cough, sore throat, runny nose, body aches, headaches and fatigue.
An upgrade to full membership would require unanimous backing from the Security Council, and the US would veto such a move. I assure that path will get the Palestinian people exactly nowhere toward the achievement of their aspirations.
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.
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.
Fawad Chaudhry, spokesman for the Tahrik-e-Insaf party of cricketer-turned-politician Imran Khan, welcomed the court ruling. Minister of State for Information Marriyum Aurangzeb told Geo News the decision was in line with her expectations.
Duterte has suggested he could suspend the Constitution, declare a 'revolutionary government, ' and impose nationwide martial law. Trump is seen to be less critical of Duterte, and at one point reportedly praised the Filipino leader for "doing a great job".
Madrid were comfortably on top as the half wound down, with Benzema nearly heading a third from Lucas' cross. Ramos scored from the penalty spot after Mateo Kovacic was pushed inside the area in the closing minutes.
Along with the software update, Nest is adding a new $5 / 5-day subscription plan to its Nest Aware video upload service. Alphabet owns Nest and earlier this month integrated the previously standalone unit into Google's hardware group.
The rate for December indicates average of November to January period and September reflects August to October period. The UK jobless rate increased in the fourth quarter, data from the Office for National Statistics showed Wednesday.
Jennifer said creating controversy over "silly innocuous things" such as what she chooses to wear is "not moving us forward". After some fans got hot over a pic of J-Law wearing a dress in the cold, she called their outrage 'utterly ridiculous'.
Cattaraugus County: After two threats at the Chatauqua Lake School and Randolph Academy Union Free School District, Gov. Andrew Cuomo ordered state police to increase patrols around schools to protect against copycat shooting threats.
Venezuela's government will launch the first sale of its commodity-linked cryptocurrency , the petro , on Tuesday. The " Petro " was released for pre-sale to invited investors at midnight on Tuesday February 20th.