Venezuela To Launch Petro Cryptocurrency To Survive Economic Crisis

The website states that the Petro is backed by Venezuela's crude oil reserves (the country has the largest proven crude oil reserves in the world) - each token will be valued at and backed by a barrel of Venezuelan crude oil.

"The premature event announced for next April 22 lacking proper conditions is a show by the government to give an impression of legitimacy that it does not have in the midst of Venezuelans' agony and suffering", the coalition said in a statement, referring to the country's economic crisis.

And Venezuela's inflation rises faster in a day than it does in stable countries in a year, he said, adding that dreaming up a new currency alone isn't the answer. The US Treasury Department has warned it may violate sanctions, according to Reuters. Opposition leaders have said the sale constitutes an illegal debt issuance that circumvents Venezuela's majority-opposition legislature, and the U.S. Treasury Department has warned it may violate sanctions levied a year ago.

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Cryptocurrency experts are looking at Venezuela's foray into digital currencies with a mix of intrigue and suspicion, excited by the prospect of a government willing to accept cryptocurrency for payments like taxes but also concerned about the potential lack of oversight. The US Treasury Department has warned it may violate sanctions levied past year.

Though the government move attracted criticisms within the country and outside, the establishment was not anxious about it.

The official website for the petro on Tuesday uploaded a guide to set up a virtual wallet to hold the digital currency. In reality, the government is trying to circumvent the worldwide sanctions and obtain hard currency. The petro will go public next month. Strong interest was expected from Turkey, Qatar, Europe and the USA when the sale is opened up, according to Venezuela's crypto regulator, Carlos Vargas. The opposition leaders have also said the sale is an illegal debt issue that is circumventing the Venezuelan legislature, while the US Treasury Department warned that this could break the sanctions imposed past year. The country is going to issue a total of 100 million Petros. However, during his recent evening address, Maduro did not reveal any new price information. Venezuelan crypto exchanges that wish to trade PTR have to be licensed by the government.

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Venezuela's President Nicolas Maduro has said that each Petro token is backed by a barrel of Venezuelan crude.

Despite being previously disclosed in a whitepaper provided by the government, the petro will not be a token on the Ethereum network.

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  • Ryan Wade