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Venezuela Presses for the adoption of Petro- its oil backed cryptocurrency

Jan 16, 2018 Posted /  3365 Views

Venezuela Presses for the adoption of Petro- its oil backed cryptocurrency

Nicolas Maduro, current Venezuela’s president has invited for 10 other countries to embrace his proposed oil-backed digital currency, the petro. This plan is pursued upon after the country’s parliament announced the issuance of this novel currency illegal.

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Maduro last week organized an assemblage of the Bolivarian Alliance for the Peoples of Our America – Treaty of Commerce of the Peoples (Alba – TCP) on Friday. Alba constitutes countries of Antigua and Barbuda, Bolivia, Cuba, Dominica, Ecuador, Nicaragua, Saint Lucia, Saint Vincent and the Grenadines, Saint Kitts and Nevis, Grenada, and Venezuela.

The Alba conference

As reported by Prensa, in the meeting, “Maduro called on the countries of the Alba to assume together the creation of the cryptocurrency, the petro,”

Maduro told Efecto Cocuyo “I call on us to assume the petro as an integration currency of our peoples,”  and in addition told the media that it is “imperative” to take the project with “maximum priority.”

After that, he remarked to El Comercio that-

I put on the table, brother governments of the ALBA, the proposal of the cryptocurrency, the petro, so that we assume it as one of the projects of the integration of the 21st century in a bold way, but also in a creative way.

The current debate

Venezuela’s national cryptocurrency has garnered much of media attention and debate since its launch in December last year. It has persistently been a topic of controversy and the official announcement called that over 5 billion barrels of crude oil were assigned to support the new currency. Additionally, Maduro ordered the circulation of the first 100 million Petros as well as arranged a meeting of miners.

The Venezuelan President

The crude oil cryptocurrency-petro is anticipated to begin in 6 weeks and will be pre-mined. This announcement was released by Superintendent of Cryptocurrencies Carlos Vargas this week.

Nevertheless, just one day before Vargas’ announcement, the Venezuelan Constituent National Assembly submitted the cryptocurrency as illegal. Parliamentarians consistently voted  for “absolute nullity on the issuance of the petro cryptocurrency."

In the latest workshop arranged by the Central Bank of Venezuela- “The role of Venezuelan youth in disruptive technologies,” an acknowledgement to the Assembly’s declaration was provided. On Friday, the Minister for Youth and Sports, Pedro Infante, declared Venezuelan youth will recommend to the Assembly “to create a special commission that will be in charge of debating the proposals presented by the various sectors, to carry out the financial system of the cryptocurrency Petro.” He embellished, as posted on the Ministry of Communications website:

We are proposing that the ANC [Constituent National Assembly] has to set up a special commission to deal with the cryptocurrency issue. Appoint a commission with groups of experts to constantly debate to see what legislation is needed.

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Tags: cryptocurrency Nicolas Maduro digital currency

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