Create a FREE account and...
Manage your own Watchlist
Access all education lessons
Converse with other crypto enthusiasts
Be a part of the Interactive Crypto Community
OR
Please fill out the required fields Please fill out the required fields Please fill out the required fields
Get Into Cryptocurrency Trading Today
A stuck head of state, nearly at payment default, officially announces the creation of his own cryptocurrency.
"I am announcing that Venezuela will set up a new cryptocurrency system based on its oil reserves. Venezuela will create a cryptocurrency, the Petro, to make progress on monetary sovereignty, to carry out its financial transactions despite the financial blockade.”
This explosive announcement by President Maduro in person on a TV show hits Venezuelans with surprise and the Trump administration in the thick of it.
A bold strategy that aims to circumvent the financial embargo, imposed by the United States.
And counterbalance the effects of the local currency depreciation (bolivar) by offering a credible alternative.
This cryptocurrency will be endorsed by the country's natural reserves, including oil, gas, diamonds and many other riches that abound in the Venezuelan subsoil. In return, it will facilitate an easier and more efficient raw materials exportation, and oil above all, which is currently hampered by the US financial blockade.
The socialist president is determined through the Petro to recover his monetary sovereignty.
He accuses the Washington administration of willing to terminate socialism in Latin America.
After declaring last September, that Donald Trump was the new Hitler, he attacks him this time on the field of financial circuit.
Venezuela faces an unprecedented net indebtedness. This debt estimated at nearly $ 150 billion, was caused by the decline in oil prices. With a poorly diversified economy, mainly based on oil currencies, Venezuela is in stuck in a difficult period. The country, for lack of motto, can no longer assume its sovereign role and provide the staple foods and medicines to its people. Very serious consequences that affect the people. In addition, this country and the state oil company PDVSA are experiencing partial payment default
Will the new cryptocurrency – Petro – emerge?
Despite President's confidence, he will not be able to create this cryptocurrency alone and the opposition is currently very reluctant to this vision. Actually, this latter is clown-insulting Maduro, and recalls his past as a bus driver and trade unionist, in order to discredit his action.
Yet this project is rooted in a socio-cultural context torn by an increasing and unbearable inflation for the population that tends to turn, since the end of 2016, towards Bitcoin at the expense of the national currency.
Bitcoin hold an appealing virtue to a growing Venezuelans minority, of being free from any banking or government control, hence offering a safe alternative. In addition, this alternative smiled with a course that exploded to reach $ 11,000.
Will the new cryptocurrency come into being, and under which condition?
For the moment no detail on the operational modalities has been revealed.
No official launch date, no technical aspect was mentioned. It should be noted that the accomplishment of such a feat will depend on the congress approval.
Create a FREE account and...
Manage your own Watchlist
Access all education lessons
Converse with other crypto enthusiasts
Be a part of the Interactive Crypto Community
ALL
TRENDING
WATCHLIST
Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.
{[{ marketcap }]} {[{ marketcapchange.toLocaleString(undefined, {maximumFractionDigits:2}) }]}% (24H) {[{ marketcapchange.toLocaleString(undefined, {maximumFractionDigits:2}) }]}% (24H)
Symbol
Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting all the data from several exchanges to provide the most accurate price available.
24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current price and the price24 hours ago.
Trade
{[{ item.name }]}
{[{ index + $index}]}
{[{ item.pair.split('_')[0] }]}
Ƀ{[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]} ${[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]}
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
Symbol
Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting allthe data fromseveral exchanges to provide the most accurate price available.
24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current priceand the price24 hours ago.
Trade
{[{ item.name }]}
{[{ index + $index}]}
{[{ item.pair.split('_')[0] }]}
Ƀ{[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]} ${[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]}
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
Binance´s Launchpad Gears Up Tor Arkham Token Sale, Starts Recording BNB Balances
4 months ago | Benzinga
Arkham´s New Crypto Intel Trading Platform: A Game Changer For Traders?
4 months ago | NewsBTC
Bitcoin Could Rise to $120K by End-2024: Standard Chartered
4 months ago | Coindesk
Bitcoin Edges Lower; Bone ShibaSwap Becomes Top Loser
4 months ago | Benzinga
JustBit Casino Review
JustBit Casino, which specializes in virtual currencies, is easy to use because withdrawals are expl...
Huobi Token General Overview
Is Ripple The Cryptocurrency of 2021? - In Depth Review of Ripple XRP
Ethereum Classic Review
Monero General Overview
YouHolder
YouHodler is not just another player in the crypto space; it's a dynamic and innovative company ...
XBO
XBO.com cryptocurrency exchange redefines how you interact with crypto. Designed to make the benefit...
Bithumb
Understanding Bithumb This article highlights what is Bithumb and where it is located. It also di...
Bitstamp
Bitstamp's continued success in the crypto market This article highlights what Bitstamp is. I...
Bitfinex
Bitfinex general overview delves deep into its operations since its inception in 2012 up to date. It...
(adsbygoogle = window.adsbygoogle || []).push({}); Introduction In t...
(adsbygoogle = window.adsbygoogle || []).push({}); Einführung Wenn es um Er...
Mobi
Are you someone who makes international payments regularly using Bitcoin? Or do you travel a lot and...
Bitcoin.com
Bitcoin.com is a free downloadable Bitcoin wallet that allows users to trade and receive Bitcoins. T...
BTC.com
Created by Bitmain in 2016, BTC.com is a leading open-source Bitcoin and Bitcoin Cash storage platfo...
President Maduro announces the creation of a cryptocurrency in Venezuela, the "petro"
A stuck head of state, nearly at payment default, officially announces the creation of his own...
Huobi Token General Overview
The Huobi token has become an excellent option for those who want to enter the cryptocurrency...
Big Firms Join IBM Blockchain Project for Buyers and Suppliers
IBM, one of the market leaders when it comes to providing blockchain solutions and, as well as...
Coinfinity succeeds to transfer Bitcoin to an ATM through Lighting Network
Actually, when you buy bitcoins, you have to deal with high fees, and you also have to wait...
Where is the Crypto Market is Going in 2020?
If there is a group of people currently wishing they had kept quiet, it is the team that...
(adsbygoogle = window.adsbygoogle || []).push({}); Introduction In t...
(adsbygoogle = window.adsbygoogle || []).push({}); Einführung Wenn es um Er...
Mobi
Are you someone who makes international payments regularly using Bitcoin? Or do you travel a lot and...
Bitcoin.com
Bitcoin.com is a free downloadable Bitcoin wallet that allows users to trade and receive Bitcoins. T...
BTC.com
Created by Bitmain in 2016, BTC.com is a leading open-source Bitcoin and Bitcoin Cash storage platfo...
COMMENTS (0)