President Nicolas Maduro launchd his brand new cryptocurrency off the back of the bitcoin craze, hoping to restore some stability to his country.
Launching the token’s pre-sale on Tuesday, el Petro finally came into fruition after being first announced back in 2017.
The token is now backed by Venezuela’s only commodity which still functions on the international arena – barrels of oil.
President Maduro said during the token’s launch announcement: “Petro is born and we are going to have a total success for the welfare of Venezuela.
December 4, 2017
Months after Russia became the first country to announce the creation of a state-backed Cryptorouble, Venezuela has followed suit, announcing the creation of El Petro, a state sanctioned cryptocurrency to be backed by Venezuela’s extensive reserves of crude oil.
Venezuela has already broke free of Dollar dependence as months ago, Caracas announced it would be trading its oil using China’s Petroyuan.
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.
Michael Kern is a newswriter and editor at Safehaven.com, Oilprice.com, and a writer at Macro-Investing.com.
Venezuela has made history as the first country to launch its very own Initial Coin Offering. The long-hyped Petro cryptocurrency has been the center of controversy and curiosity to many in the crypto-world for the last several months, and now it’s finally here.
According to President Nicolas Maduro, the pre-sale has gone smoothly.
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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.
To many, “government cryptocurrency” is an oxymoron.
The whole point of cryptocurrencies like Bitcoin is that they aren’t “issued” by any government, central bank or other “authority.” No-one controls them. They are decentralized, anonymous and subversive.
But that doesn’t bother President Maduro of Venezuela. He is planning to issue a Venezuelan government cryptocurrency, backed by the country’s reserves of oil, gas, gold and diamonds. One unit of the new cryptocurrency – the “petro” – will be backed by one barrel from Venezuela’s Orinoco oilfield, currently valued at $59.
Maduro is planning to issue 100 million petros.
If the entire issue sells at par, that’s $5.9 billion.
That would shore up the cash-strapped country’s FX reserves for a while.
People shout slogans during a protest against the shortage of food, on Fuerzas Armadas avenue in…
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During his first inaugural address, Ronald Reagan spoke the words: “…government is not the solution to our problem; government is the problem.” The phrase is often quoted when someone is making an argument against government regulation or oversight. The portion of the quote that is purposely omitted are the words that began the quote: ”In this present crisis.” Reagan was speaking specifically about the present economic recession and was not claiming that government involvement was ‘the problem’ in all or even most cases. However, some do make that claim.
While many believe that the government should play as little a role as possible, some desire the absence of government and absolute freedom for the individual.
Cryptocurrency was created to exist in such a space.
Today virtual currency allows its users to both bypass the banking system and to be free of governments.