Venezuela to Launch National Cryptocurrency in
Venezuela to Launch National Cryptocurrency in Coming Weeks
AFP FEDERICO PARRA
by BEN KEW 1 Feb 2018
0
Venezuela’s socialist regime will soon launch its own cryptocurrency in a bid to raise hard currency amid an economic and humanitarian crisis that has brought the government to the brink of collapse. Around 100 million coins, known as “Petros,” each backed by around one barrel worth of crude oil, will be available for pre-purchase on February 20th. “This is the moment to accelerate the entry of the petro, to have faith in what we’ve created and in the technological and intellectual capacity of our country,” dictator Nicolás Maduro declared on state television. “The petro will have a great impact in how we access foreign currencies for the country and in how we obtain goods and services that we need from around the world.” In January, Venezuela’s democratically elected National Assembly outlawed the introduction of the “petro” on Tuesday, describing it is an illegal attempt to mortgage the country’s oil reserves, and warned that it could be rendered worthless should Maduro be ousted from power. “This is not a cryptocurrency, this is a forward sale of Venezuelan oil,” opposition lawmaker Jorge Millan said last month. “It is tailor-made for
corruption.” Maduro first announced the introduction of a national cryptocurrency in December as a solution to the government’s enormous debt burden and the chronic shortage of banknotes, rendered increasingly worthless amid hyperinflation that continues todeplete the value of its Bolivar currency.
However, with an estimated value of $6 billion worth of petros up for sale, the issuance would do little to ease the country’s overall debt burden, which stands closer to $200 billion. A successful raising of funds would more likely be used to provide humanitarian aid, as Maduro’s grip on power continues to weaken as even military loyalists fail to access basic living necessities. Maduro has also claimed the move will help Venezuela “advance in issues of monetary sovereignty,” principally through the bypassing of economic sanctions imposed by the United States, although critics have also denied this. “At the end of the day, it’s a coin being issued by the government,” opposition lawmaker Jose Guerratold Bloomberg. “It’s not going to be the means to find financing or avoid sanctions.” Interest in cryptocurrencies has soared over the past year following the phenomenal rise of the Bitcoin currency, which at one point had a value of over $20,000, but has since dropped by over 20 percent. Maduro went on to claim that “all the cryptocurrencies of the world have been revalued after Venezuela’s announcements about the creation of the petro.”
Follow Ben Kew on Facebook, on Twitter at @ben_kew, or email him at [email protected].
Read More Stories About: National Security, Tech, cryptocurrencies, Cryptocurrency, Nicolas Maduro, Petro, Venezuelan oil
Comment count on this article reflects comments made on Breitbart.com and Facebook. Visit Breitbart's Facebook Page.
BREITBART CONNECT
MOST POPULAR Trump: FBI, DOJ ‘Politicized Sacred Investigative Process in Favor of Democrats’ 0 comments - 3 hours ago GOP Rep Gaetz Responds to Comey Tweet: ‘I Don’t Know That Too Many Schools or Streets Are Going to Be Named After Him’ After Memo Release 0 comments - 12 hours ago AP: Wages Rise at Fastest Rate in Eight Years
AP: Wages Rise at Fastest Rate in Eight Years 0 comments - 3 hours ago Donald Trump Has Read Controversial FBI Intelligence Memo; Plans to Release on Friday 0 comments - 23 hours ago ‘Law & Order: SVU’ Depicts Brutal Rape of Conservative Pundit 0 comments - 16 hours ago ***Live Updates*** President Trump Delivers First State of Union Address 0 comments - 3 days ago Report: FBI and Justice Department Want Names Redacted from the FISA Memo 0 comments - 13 hours ago Atlanta Fed Sees GDP Rocketing to 5.4% in First Quarter 0 comments - 20 hours ago Wages Jump to Highest Level Since 2009 0 comments - 2 hours ago Media Fail: Trump Job Approval on Economy Soars to 51% 0 comments - 4 hours ago
Jay-Z Triggering
Jim Mellon
A Well-Regulated Militia
FROM THE HOMEPAGE
Climate of Hate: CNN Writer, Bernie Bro Thanks God for Fatal GOP Train
Stephen King Apologizes for Claiming Fatal GOP Train Crash Was
Wages Jump to Highest Level Since
Economy Adds 200,000 Jobs in January, Beating
Media Fail: Trump Job Approval on Economy Soars to
Poll: 60 Percent of Viewers Approved of President Trump’s State of the Union
Fatal GOP Train Wreck Comments
Pelosi on FISA Abuse Memo: ‘It’s a Bogus Memo’ Comments
Train Crash Was ‘Karma’ Comments
Highest Level Since 2009 Comments
Trump: FBI, DOJ Watch: Father of ‘Politicized Sacred Larry Nassar Victims Investigative Tries to Attack Process in Favor of ‘Demon’ Ex-Doctor Democrats’ Comments
Comments
January, Beating Expectations Comments
Dem Rep Himes: There’s a ‘Profoundly Unpatriotic’ Effort to Create Doubt in FBI’s Objectivity Without Evidence Comments
Economy Soars to 51% Comments
WATCH: UK-Based Imam Strikes BurkaClad Woman with Table During Muslim Exorcism Comments
EXPLORE BREITBART Big Government
London
The Conversation
Big Journalism
Jerusalem
Privacy Policy
Big Hollywood
Texas
Terms of Use
National Security
California
Breitbart Jobs
Tech
Store
Video Sports The Wires
CONNECT Switch to Full Site Copyright © 2018 Breitbart
State of the Union Address Comments
Italian Teen Girl Killed and Chopped Into Pieces, Nigerian Migrant Arrested Comments
AFP FEDERICO PARRA
by BEN KEW 1 Feb 2018
0
Venezuela’s socialist regime will soon launch its own cryptocurrency in a bid to raise hard currency amid an economic and humanitarian crisis that has brought the government to the brink of collapse. Around 100 million coins, known as “Petros,” each backed by around one barrel worth of crude oil, will be available for pre-purchase on February 20th. “This is the moment to accelerate the entry of the petro, to have faith in what we’ve created and in the technological and intellectual capacity of our country,” dictator Nicolás Maduro declared on state television. “The petro will have a great impact in how we access foreign currencies for the country and in how we obtain goods and services that we need from around the world.” In January, Venezuela’s democratically elected National Assembly outlawed the introduction of the “petro” on Tuesday, describing it is an illegal attempt to mortgage the country’s oil reserves, and warned that it could be rendered worthless should Maduro be ousted from power. “This is not a cryptocurrency, this is a forward sale of Venezuelan oil,” opposition lawmaker Jorge Millan said last month. “It is tailor-made for
corruption.” Maduro first announced the introduction of a national cryptocurrency in December as a solution to the government’s enormous debt burden and the chronic shortage of banknotes, rendered increasingly worthless amid hyperinflation that continues todeplete the value of its Bolivar currency.
However, with an estimated value of $6 billion worth of petros up for sale, the issuance would do little to ease the country’s overall debt burden, which stands closer to $200 billion. A successful raising of funds would more likely be used to provide humanitarian aid, as Maduro’s grip on power continues to weaken as even military loyalists fail to access basic living necessities. Maduro has also claimed the move will help Venezuela “advance in issues of monetary sovereignty,” principally through the bypassing of economic sanctions imposed by the United States, although critics have also denied this. “At the end of the day, it’s a coin being issued by the government,” opposition lawmaker Jose Guerratold Bloomberg. “It’s not going to be the means to find financing or avoid sanctions.” Interest in cryptocurrencies has soared over the past year following the phenomenal rise of the Bitcoin currency, which at one point had a value of over $20,000, but has since dropped by over 20 percent. Maduro went on to claim that “all the cryptocurrencies of the world have been revalued after Venezuela’s announcements about the creation of the petro.”
Follow Ben Kew on Facebook, on Twitter at @ben_kew, or email him at [email protected].
Read More Stories About: National Security, Tech, cryptocurrencies, Cryptocurrency, Nicolas Maduro, Petro, Venezuelan oil
Comment count on this article reflects comments made on Breitbart.com and Facebook. Visit Breitbart's Facebook Page.
BREITBART CONNECT
MOST POPULAR Trump: FBI, DOJ ‘Politicized Sacred Investigative Process in Favor of Democrats’ 0 comments - 3 hours ago GOP Rep Gaetz Responds to Comey Tweet: ‘I Don’t Know That Too Many Schools or Streets Are Going to Be Named After Him’ After Memo Release 0 comments - 12 hours ago AP: Wages Rise at Fastest Rate in Eight Years
AP: Wages Rise at Fastest Rate in Eight Years 0 comments - 3 hours ago Donald Trump Has Read Controversial FBI Intelligence Memo; Plans to Release on Friday 0 comments - 23 hours ago ‘Law & Order: SVU’ Depicts Brutal Rape of Conservative Pundit 0 comments - 16 hours ago ***Live Updates*** President Trump Delivers First State of Union Address 0 comments - 3 days ago Report: FBI and Justice Department Want Names Redacted from the FISA Memo 0 comments - 13 hours ago Atlanta Fed Sees GDP Rocketing to 5.4% in First Quarter 0 comments - 20 hours ago Wages Jump to Highest Level Since 2009 0 comments - 2 hours ago Media Fail: Trump Job Approval on Economy Soars to 51% 0 comments - 4 hours ago
Jay-Z Triggering
Jim Mellon
A Well-Regulated Militia
FROM THE HOMEPAGE
Climate of Hate: CNN Writer, Bernie Bro Thanks God for Fatal GOP Train
Stephen King Apologizes for Claiming Fatal GOP Train Crash Was
Wages Jump to Highest Level Since
Economy Adds 200,000 Jobs in January, Beating
Media Fail: Trump Job Approval on Economy Soars to
Poll: 60 Percent of Viewers Approved of President Trump’s State of the Union
Fatal GOP Train Wreck Comments
Pelosi on FISA Abuse Memo: ‘It’s a Bogus Memo’ Comments
Train Crash Was ‘Karma’ Comments
Highest Level Since 2009 Comments
Trump: FBI, DOJ Watch: Father of ‘Politicized Sacred Larry Nassar Victims Investigative Tries to Attack Process in Favor of ‘Demon’ Ex-Doctor Democrats’ Comments
Comments
January, Beating Expectations Comments
Dem Rep Himes: There’s a ‘Profoundly Unpatriotic’ Effort to Create Doubt in FBI’s Objectivity Without Evidence Comments
Economy Soars to 51% Comments
WATCH: UK-Based Imam Strikes BurkaClad Woman with Table During Muslim Exorcism Comments
EXPLORE BREITBART Big Government
London
The Conversation
Big Journalism
Jerusalem
Privacy Policy
Big Hollywood
Texas
Terms of Use
National Security
California
Breitbart Jobs
Tech
Store
Video Sports The Wires
CONNECT Switch to Full Site Copyright © 2018 Breitbart
State of the Union Address Comments
Italian Teen Girl Killed and Chopped Into Pieces, Nigerian Migrant Arrested Comments
