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Venezuela launches oil cryptocurrency

venezuela launches oil cryptocurrency

Venezuela launches a new oil-backed digital currency Tuesday, in a move the government hopes will help pull the country out of a deepening. As covered, reports suggest Russia secretly helped Venezuela launch the oil-backed cryptocurrency, while a Russian official refuted the. As the Petro is backed by Venezuela's oil reserves, it breaks the tenets of Bitcoin Before and after Petro's launch in February CRYPTO 2018 SUBMISSION

Crude production in Venezuela has been steadily declining as the oil-dependent state slogs through a crisis precipitated by years of government mismanagement and exacerbated by a prolonged oil price slump. In a recent speech promoting the token's launch, he said: "The future is now … Venezuela is moving forward as an economic powerhouse.

Treasury Department warned traders against investing in the petro. The American authorities said doing so would be akin to an "extension of credit" to Venezuela and thus would violate sanctions imposed last August. Miraflores Palace via Reuters "In some ways I think this further validates cryptocurrencies but at the same time there are a tremendous number of questions around the petro," Garrick Hileman, a cryptocurrency researcher at the University of Cambridge, told CNBC Tuesday.

What exchanges will it be traded on? How decentralized will it actually be? More questions than answers for the petro at this stage," he added. It also established a cryptocurrency government advisory group called VIBE to act as "an institutional, political and legal base" from which to launch the petro. Also in January, as a response to the petro, Venezuela's National Assembly , headed by the opposition Democratic Unity Roundtable , declared the petro to be an illegal debt issuance by a government desperate for cash, and has said it will not recognize it.

It also suggested that the government accept tax payments in petros as well as allow PDVSA , the country's state-owned oil company, incorporate cryptocurrencies in its dealings with foreign companies. Initially, the white paper of petro stated that the currency would be on the Ethereum platform, but the white paper was changed at launch and the platform was to be NEM.

The newest version of the white paper revealed that petro was a clone, effectively a fork, of the cryptocurrency Dash. Due to the unorganized launch by the Venezuelan government, scammers were able to establish their own "petro" currencies on various cryptocurrency platforms, though these schemes did not garner much success. As part of the reforms Venezuelans will be paid at least 0. When visiting the Venezuelan Ministry of Finance headquarters in Caracas, the Superintendent of Cryptocurrencies did not have an office there and their promoted website did not exist.

The official Venezuelan oil price is defined by the Venezuelan Ministry of Oil and Mining and the current price of the petro during the ICO is referenced on its web page.

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