Venezuela has launched its own cryptocurrency

21 February, 2018, 08:03 | Author: Barbara Daniel
  • В Венесуэле запустили собственную криптовалюту

Others are more optimistic, with some currency experts suggesting the launch could serve as a precursor to similar projects from other world leaders.

Maduro started bandying about the idea of Petro a year ago.

Back in December, Mr Maduro said: Venezuela will create a new cryptocurrency, the petro, so as to advance in issues of monetary sovereignty, to make financial transactions, to overcome the financial blockade.

The Petro, which Venezuela touts as the first cryptocurrency issued by a country, is now launching in pre-sale as a means to "boost monetary sovereignty", while many analysts think it is just a desperate attempt to skirt USA financial sanctions. The financial sanctions - the US sanctions, the European sanctions - are not the main reason Venezuela can't raise financing.

The manual of acquisition and commercialization of the Petro will now be available and will begin the pre-sale of this digital currency with 82.4 million units available.

Nevertheless, it is expected that U.S. cryptocurrency enthusiasts will participate in the sale, despite the legal and investment risks.

Venezuela's opposition-controlled congress has declared the petro illegal because, under the law, the legislature must approve any government borrowing, a step Maduro has ignored.

Though the third embedded document is titled "Guidelines for the internal control manual for the prevention of money laundering and financing of terrorism", the full file is only a table of contents and does not include the actual guidelines that the Venezuelan government plans to follow. "Venezuela is moving forward as en economic powerhouse". It has reportedly already drawn investment from Turkey, Qatar, and other Middle Eastern countries.

But the U.S. Treasury Department has thrown a damper on the release, warning U.S. citizens and companies who buy the petro that they could be violating sanctions.

How could a country that is home to the most valuable commodity on the planet fall into such dire financial straits? Oil-rich and once one of the wealthiest countries in Latin America, Venezuela now faces economic collapse and widespread popular protest.

The United States is threatening to ban the country's oil imports, which would further cripple Venezuela's economy. On today's show, we'll look at whether their rise will continue. The dollar enables American governments to exert enormous force and influence without having to fire a missile or write a line of malicious computer code, and getting out from under the dollar has always been a dream for these countries.

The sanctions - levied past year by Washington - block USA banks and investors from acquiring newly issued Venezuelan debt, effectively preventing the country from borrowing overseas to bring in new hard currency or refinance existing debt.



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