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Petro - oil backed crypto starts to grow


May 17, 2018 Posted /  3153 Views


Petro - oil backed crypto starts to grow

The Venezuela oil bracket crypto named petro has been surviving because of the support of the Russian government Evrofinamce Monsarbank.this is the only bank based on the financial organization which has been able to defy the US sanctions which are against the South American nations.

As per the press release according to petro investors as they have made registrations with the government and has downloaded the wallet to invite the crypto purchase worth $1.190 which will be the minimum usage of the government account in Evrofinance.

As the reports suggest that Russia is helping Venezuela for their oil backed cryptos but there are certain Russian officials who are demeaning about it.

Euro finance has two Russian shareholders who are controlled by the Russian banks ate which are sanctioned under Rusian Annexation of Crimea and Nicolas Maduro so in the year 2011 it was said to have purchased 49% share.

There has been that Russian based cryptocurrency association has been awarding Venezualean government the Satoshi prize so it can be said that Rusia has relations with the west.

According to Venezuela Donal trump has banned the residents the purchase of petro and this has led to the increase of its investors.

It is still unclear that how many Petros has the Russian government has actually sold. But it is assumed that their pre-sale is about $ 5 billion. There have been seen that foreigners show less interest in the oil-backed cryptocurrency as stated by the Brooking Institute.

There are various cryptocurrency exchanges that are staying away from such as Bitfines as they are violating the sanctions. according to them, only the criminals invest in the petro.

As per the reports that two Russians have signed the agreement with Petro and Maduro which will help them to expand globally and will help to differentiate them from other cryptos. As per Fedor Bogorodskiy, their company ceased after the ban on this project as Trump has declared the ban.

But still Maduro is taking Petro forward and it is accepting legal tenders and has created the way for 16 local exchanges as Venezuela is accepting this crypto easily, Maduro has offered a discount of 30% to the Indian government if they pay in Petro.

As revealed by the Venezuelan government that they are working on another cryptocurrency which is backed by the country’s gold named as the “petro gold”. This has helped to pave their way for foreign investment and Bypass sanctions. But these Venezuelan transactions has been slammed by the Roger ver the CEO of Bitcoin.com

The president of Russian Blockchain yuri pripachkln has been keeping eye on the transactions of Petro, and he has dismissed the idea of the fact that it was used by fraud criminals.

In the month of March, Trump has banned the US citizens and its residences to not to buy oil based cryptocurrencies but Venezuela has claims it has free publicity which has helped to double the number of the investors who are interested to buy these oil-based cryptocurrencies


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