Venezuelan Government is selling its Petro cryptocurrency

-

By Moris Beracha.- 

In spite of the financial sanctions imposed by the United States, the European Union and other countries of the world on the government of Venezuela, the president of the Latin American country, Nicolás Maduro, is seeking to find resources through the cryptocurrency Petro.

It is important to mention that this token, which is backed by certified oil reserves and precious metals lacks international confidence, which is fundamental for obtaining economic benefits.

Despite the complicated scenario, the so-called “Bolivarian and revolutionary” government announced that from October 29, 2018, Venezuelans or any citizen in the world will be able to buy the Petro with convertible currencies such as the dollar, the yuan or the euro and with bitcoin, Ethereum, Nem, among others.

In this sense, the vice president for the economic area, Tarek El Aissami, said in a press conference that whoever wants to buy petros with other cryptocurrencies, can enter the website www.petro.gob.ve click on “petro compra” and once the transaction is made, the operation that the user has traded will be downloaded to the wallet (digital wallet) of the user.

“All users who are going to trade in petros should only have Internet connectivity and access to the website (of the petro),” said the Venezuelan official.

He also pointed out that purchasers of the Venezuelan cryptocurrency using foreign currency, should go to the headquarters of the National Superintendence of Crypto Assets and Related Activities (Sunacrip) in Caracas, at the box offices enabled to perform the transaction.

Moreover, he mentioned that in Venezuela merchants will be able to charge petros for their products and services, which in his opinion is positive news for Venezuelan citizens.

The government has also reported that the air fuel will be charged in Petros, which would force the different lines traveling to Venezuela to acquire large amounts of the cryptocurrency.

Some analysts linked to the Maduro regime assure that the Petro is Venezuela’s escape from financial blockade; however, many sectors in the world also consider that forcing companies to trade with this cryptoasset could bring new sanctions by the powers which could lead to the digital currency’s death.

Read the original post here.


Comentarios

Publicar un comentario

Entradas populares de este blog

A Race for Blockchain: IBM, Microsoft, Lenovo explore DLT

-
Imagen
Blockchain, cryptocurrency, and other innovative techs have significant disruptive potential. Within the course of time, this fact becomes obvious not only for community enthusiasts but also for traditional industry players. That is probably the major reason for world electronic bulls to explore the innovative possibilities to boost their own progress. Microsoft showed interest in blockchain technology back in 2018. They announced their plans to apply the technology behind Bitcoin (the leading crypto by market cap) in its decentralised IDs (DIDs) App. The company was support DLT-based DIDs through Microsoft Authenticator App. However, as of now, the project seems to be frozen.    Unstoppable IBM    IBM, another technological giant, has has shown interest in exploring blockchain and cryptocurrency techs even earlier, in 2015. As of now, the company is known to take part in several related projects.   In January 2019, Ford Motor comp...
Leer más

Cryptocurrency Universe Expands Far Beyond Bitcoin

-
Imagen
The code base is increasing and improving every day as computer science graduates from top schools jump on board. By Aaron Brown A sort of “cryptobrawl” broke out last month at the Milken Institute Global Conference between economist Nouriel Roubini and panel participants more optimistic about the future of cryptocurrency technologies. I had the opportunity to participate in a partial rematch at Battle of the Quants, where Roubini was just as negative and DMS Governance's John D’Agostino presented a moderate defense. All of the heat concerns the border of crypto and traditional finance, but much of the important stuff is happening far from the border. For example, one of Roubini's claims is that advances in financial technology by existing financial institutions and startups are delivering on many of the promises of crypto-enthusiasts, and these will continue to transform financial markets. That’s true. However, many of those advances were spurred by the threat of ...
Leer más

Small-business owners more optimistic at the start of 2020, the NFIB says

-
Imagen
The numbers: Small businesses turned more optimistic about sales and profits in the first month of 2020, but they are still struggling to find qualified workers, according to a closely followed survey. The National Federation of Independent Business said its index of small-business optimism rebounded from a small dip in at the end of last year, rising to 104.3 points in January from 102.7 in December. Business owners were more confident that sales would continue to rise and help support higher profits, the NFIB said. What happened: The net percent of owners who expect higher inflation-adjusted sales in the months ahead rose by 7 points to 23%. By and large, business owners were nonplussed by the impeachment trial of President Donald Trump. A gauge that measures uncertainty was basically unchanged. The biggest worry of small businesses continues to be a shortage of skilled employees available for hire. A quarter of owners say it’s their No. 1 problem — more than taxes or re...
Leer más