Venezuela will introduce another cryptocurrency, cited by the country’s President Nicholas Maduro, the Globovision television channel reported. In his words, “gold El Petro”, accompanied with precious metals, will start penetrating the market next week. This cryptocurrency will show the same parameters as its oil colleague, which was launched earlier this week.
The national cryptocurrency El Petro was introduced, on February 20, with a symbol in the logo that is a dead ringer for the Russian ruble. During the presale for the day, it drew $375 million to Venezuela’s economy. The cost of El Petro is put at the level of the approximate price of one barrel of Venezuelan oil as of mid-January 2018. It is presumed that this parameter will vary depending on fluctuations in oil prices.
The US government in January warned the people who want to invest in the Venezuelan cryptocurrency the predicament of persecution by virtue of the sanctions imposed on Caracas. However, several films and investors from Brazil, Poland, Denmark, Honduras, Norway and the Middle East have begun to use Petro as payments for goods or making an investment in the currency. Because of the fall in oil prices in 2014, Venezuela is experiencing a protracted economic crisis. In the country, hyperinflation is set at a rate of thousands of percent per year.
Maduro announced that the purpose of the Petro and Petro goal is to compete against sanctions and the “economic war” stirred by the US authorities and its partners against his country and stressing “caught-on monetary sovereignty, to make financial transactions and deal with the financial blockade.” The introduction of the Petro was pronounced in December and it is operated by the Superintendence of Cryptocurrencies and Related Activities and the Blockchain Observatory.
Cryptocurrencies normally are not linked to any authorities or head bank, nor are they controlled. Nevertheless, it is now tracking vividly by the U.S.Security and Exchanges Commission and is subject to oversight. Maduro commented: “We have made a huge process toward 21st century… We are now live in the world of technological vanguard,” The state-issued Petro token can be accessed by any natural or legal person, any citizen or firms and any national or foreign person. The upcoming petro gold can also have the same functionalities although no details are assured.