Buy venezuela petro cryptocurrency

Home » Cryptocurrency » Petro » How & Where to Buy Venezuelan Petro Cryptocurrency (PTR) And More Facts To Know

Petro (PTR) is the latest coin to join the cryptocurrency bandwagon. It’s the world’s first sovereign cryptocurrency as it will be produced and controlled by the Venezuelan government.

Though it was announced in December 2017, it was officially launched on February 20, 2018. “Petro is born and we are going to have a total success for the welfare of Venezuela,” said Venezuelan President Nicolás Maduro at the launch. (Source: “What is Venezuela’s new petro cryptocurrency?,” Al Jazeera, February 20, 2018.)

According to President Maduro, Petro is intended to supplement the Venezuelan bolívar fuerte (VEF) currency.

Currently, Venezuela is reeling under U.S.

government-led sanctions that make moving money through international banks difficult.

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The important stories of innovation across the continent’s wide-ranging economies

There’s a lot of debate about whether governments will eventually adopt the technology that underpins cryptocurrencies like bitcoin. Venezuela—reeling from US and European sanctions, collapsing oil exports, and hyperinflation that could climb to 13,000%—may be the first to actually try it.

The South American country is due to launch a first phase of its state-created cryptocurrency today (Feb. 20), and President Nicolas Maduro’s government has said the ”petro” will help Venezuela raise cash despite sanctions. Venzuelan officials say they expect support from investors in the likes of Qatar and even the US.

Venezuela’s bolivar is on the brink of collapse but its president has a cunning plan to claw back cash: create a virtual currency and sell it on the internet.

President Nicolas Maduro hopes el petro, which goes on sale Tuesday, will provide respite for a nation descending further into economic chaos by the day.

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The government of Venezuela published several guides Tuesday in support of the presale for its “petro” cryptocurrency.

Announcing the oil-backed token as a form of legal tender that can be used to pay taxes, fees and other public needs, the Venezuelan government outlined its plans and expectations for the petro in a new website built for the cryptocurrency and launched today with the start of the token’s pre-sale.

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.

In his latest stunt, Venezuela’s President Nicolas Maduro announced that the country wants to launch a cryptocurrency – the petro – backed by oil, diamonds and gold reserves

In his regular hours-long Sunday broadcast, Maduro said that the petro would help the country to “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.”

Venezuela’s opposition lawmakers said the announcement of a cryptocurrency creation is a farce, and the plan may not be implemented at all.

“It’s Maduro being a clown. This has no credibility,” Angel Alvarado, an opposition lawmaker and economist told Reuters.

At the end of August, the U.S.

Venezuela is currently in the throes of an economic crisis, with the national fiat currency- the Venezuelan Bolivar- worth less than “World of Warcraft” gold. The president of Venezuela, Nicolás Maduro, has recently announced the creation of a national cryptocurrency backed by the nation’s oil, gold, gas, and diamond reserves, called the Petro.

According to President Maduro, the creation of the Petro is intended to combat what he describes as a financial “blockade” against his nation, inflicted by U.S. Maduro went on to explain that the currency will be backed by the natural resources of the nation:

“I want to announce that Venezuela is going to implement a new cryptocurrency system based on oil reserves, in order to advance in the area of monetary sovereignty.

Venezuela is enduring an unprecedented humanitarian crisis, causing a mass exodus of its people. An estimated two million people have fled Venezuela in the last two years, and that number is expected to double in upcoming months as the country’s economy continues to implode. In search of a long-term solution to a man-made crisis, the international community debates policy options aimed at increasing pressure on the Venezuelan regime while limiting the suffering of the Venezuelan people. Cryptocurrencies show the potential to be an “out-of-the-box” tool that tackles both issues simultaneously.

Venezuela’s cryptocurrency market is on the rise. The Maduro regime has been tightening controls on the economy and continues to reject humanitarian aid from any sources outside the country—a tactic to strengthen its political power.

I saw Luke sitting down at the end of the bar.

He was leaning over the dark wood bar rail, a beer bottle in one hand, his phone in the other.

Peering into the screen that slightly illuminated his face, he was slowly shaking his head back and forth, as if disapproving of whatever he was looking at.

He might have been a little drunk. And I knew if that were the case, going over to talk with him meant good odds he’d hit on me.

By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy

By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy

By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy

The government of Venezuela published several guides Tuesday in support of the presale for its “petro” cryptocurrency.

Announcing the oil-backed token as a form of legal tender that can be used to pay taxes, fees and other public needs, the Venezuelan government outlined its plans and expectations for the petro in a new website built for the cryptocurrency and launched today with the start of the token’s pre-sale.

Cryptocurrencies found itself the most compelling use over the last year in trouble-laden Venezuela. As hyperinflation and the struggling Bolivar left its population starving, Venezuelans saw cryptocurrencies as a gleaming opportunity to bypass the heavy economic censorship faced. Restricted from sending or receiving money overseas, the onslaught of bitcoin and other cryptocurrencies made it possible for Venezuelans to communicate and transact outside its borders with greater ease.

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