The petro (₽), or petromoneda, launched in February , is a cryptocurrency issued by the government of Venezuela. Announced in December With Venezuela's official currency plummeting for years, both the government and cryptocreators are trying to stem the rot with digital tokens. The Venezuelan government has been working on an oil-backed state cryptocurrency named Petro. This new project will allow the Venezuelan government to sell. CRYPTOCURRENCY TRADING APP UK
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Read full article. Saleha Riaz. An advertisement for bitcoin and cryptocurrencies. Photo: Reuters. Story continues. Latest Stories. It also established a cryptocurrency government advisory group called VIBE to act as "an institutional, political and legal base" from which to launch the petro. Also in January, as a response to the petro, Venezuela's National Assembly , headed by the opposition Democratic Unity Roundtable , declared the petro to be an illegal debt issuance by a government desperate for cash, and has said it will not recognize it.
It also suggested that the government accept tax payments in petros as well as allow PDVSA , the country's state-owned oil company, incorporate cryptocurrencies in its dealings with foreign companies. The technological identity of petro was perplexing during its genesis. Initially, the white paper of petro stated that the currency would be on the Ethereum platform, but the white paper was changed at launch and the platform was to be NEM.
The newest version of the white paper revealed that petro was a clone, effectively a fork, of the cryptocurrency Dash , theoretically debunking the idea that petro was built on a segregated blockchain platform. Due to the unorganized launch by the Venezuelan government, scammers were able to establish their own "petro" currencies on various cryptocurrency platforms, though these schemes did not garner much success.
The second phase of the petro launch involves a public sale of 44 million tokens. As part of the reforms Venezuelans will be paid at least 0. Following the reform, Reuters investigated the petro six months after its ICO. When visiting the Venezuelan Ministry of Finance headquarters in Caracas, the Superintendent of Cryptocurrencies did not have an office there and their promoted website did not exist. The design of the petro by the Venezuelan government has been controversial, with white paper changing by the day even after the petro's pre-sale.
As of [update] Venezuela legally allowed the use of petro for virtually any payment including oil trade, taxes, fees, real estate, gasoline, flights and more. Weiss Cryptocurrency Ratings states that the white paper shows no method as to how the Venezuelan government will base the petro on oil prices, concluding that the currency "is a worthless token". The official Venezuelan oil price is defined by the Venezuelan Ministry of Oil and Mining and the current price of the petro during the ICO is referenced on its web page.
According to the official white paper, national and international licensed exchanges will be able to sell and exchange the petro, allowing the market to define its price. The United States Department of the Treasury warned that participating in Venezuela's proposed initial coin offering for the petro cryptocurrency could violate U. The Brookings Institution stated that "it is relatively unsurprising that a dictatorship with little reserve currency The cryptocurrency community's response was generally negative.
Economist Jean Paul Leidenz expressed concerns that the creation of the petro would encourage further hyperinflation. The whole thing is a sham, a fraud. It is not considered by those who rate cryptocurrencies as even a cryptocurrency. According to Bloomberg , the organizations that rank cryptocurrencies have described the petro as a "scam", with sites like ICOindex, ICObench, Cryptorated and ICOreview giving negative reviews or not even rating the petro due to its status.
After a couple of weeks, a new version of the white paper was released which announced a different blockchain platform on which the petro would be built. The Washington Post economic reporter Matt O'Brien said that "The petro might be the most obviously horrible investment ever The petro is about creating something useless — that's why only foreigners can buy them, but only Venezuelans can spend them". From Wikipedia, the free encyclopedia.
Venezuelan cryptocurrency. The neutrality of this article is disputed. Relevant discussion may be found on the talk page. Please do not remove this message until conditions to do so are met. August Learn how and when to remove this template message. Money portal Numismatics portal Venezuela portal. Retrieved 22 March National Public Radio. Retrieved 5 December SSRN The Washington Post. Retrieved 10 April France Retrieved 14 June The New York Times.
Retrieved 3 December Retrieved 8 February Archived from the original on 20 February Retrieved 20 February
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The transaction went through and I could see the Petros both in my address and in the block explorer. I opened an account, sent some Bitcoins that were exchanged for Petros, which I sent to my unofficial wallet and once again could audit the transaction in the explorer. Then I sent them to a reporter that wanted to run a similar test and got the same results.
It also uses the upper and the lower case letters including numbers. These are some of the features that it seems that the Venezuelan government decided to include in their own whitepaper. These other transactions are active and are earning tokens.
So the coin is out there and probably spreading. Knowing that for sure is well above my paygrade. And hearts. There were no public plans to begin with, the whitepaper discusses ample funds to keep developing the project but they all come from within it. The earnings, the spoils of war, are not mentioned. For the Petro to prosper, it needs international support.
Early investors in the Petro were invited to buy the cryptocurrency by wiring funds to a Venezuelan government account at Evrofinance. The whole country, on the other hand, is not ready to commit. But no more than that. As for payments, there is nothing yet. It certainly is a strategy only a centralized-state-backed cryptocurrency can adopt, and unique case worth studying. To cover its own deficit, the Venezuelan central bank started creating artificial money.
The sale of airline tickets will also be in Petro, as well as hotel services, airport charges, and fuel for international aviation. Will this accomplish the desired effect? What did happen was that we started receiving messages on our phones that we had a bonus waiting on the Patria. But I got the message, I registered on the site and got the bonuses. I clicked to see what that was about and ended up accepting the deal, so I now have some Petros in the vault.
The Patria. It provides additional benefits for the holder, like access to subsidized food, fuel, and medical care. Cryptocurrencies as a subject is not easily understood by the common citizen, and internationally is more geared towards the financial area. Or did it? The Venezuelan situation is a question mark, an oddity, a riddle wrapped up in an enigma. The country seems to be in the eye of the storm. In the middle of all the fire and lava, the Petro rises.
Was the project thought all the way through? Even if the intentions are good, will the plan work? Is the international community going to accept it? The haphazard first stage of the Petro was disheartening, but the project seems to be ready for primetime.
Transparency is one of the main points of blockchain technology. But are they real? I think if they abandon the manipulation in regards to the Petro and educate the public, there could be more stability. Are we missing an overarching plan already in place? I asked two of our experts about possible solutions to the Venezuelan situation and none of them mentioned cryptocurrencies.
A change in the system that guarantees trusts and eliminates all those stupid controls the Venezuelan economy has. In Venezuela, the state controls: What you can produce. How much you can produce. Where can you distribute it to. How much can you sell. How much people can buy. It also defines blockchain, digital mining, crypto asset, sovereign crypto asset, cryptography, user, and public price. The third section sets rules for the new registration system in articles 29 to 33 while the fourth details the audit and inspection procedures in articles 34 to Articles 42 to 51 make up the fifth section which discusses offenses and penalties whereas articles 52 to 63 are found in the last section which mostly describes administrative procedures.
According to article The scope of application of this constituent decree [covers] goods, services, values or activities related to the constitution, issuance, organization, operation and use of [the] national crypto assets and [other] crypto assets, within the national territory, as well as the purchase, sale, use, distribution and exchange of any product or service derived from them and other activities that are connected.
Sunacrip, which has already been acting as the regulator of all crypto-related activities in Venezuela, has been given even more power by the decree which states:. In addition, individuals and legal entities wanting to carry out crypto-related activities including mining are required to register with Sunacrip. Article 34 of the decree details how Sunacrip will inspect the activities in the cryptocurrency sector to ensure compliance.
If any signs of non-compliance are detected during an inspection, measures will be taken to prevent further violations, article 37 describes. When the confiscation measure is ordered on mining equipment, the superintendency will keep the respective assets, which … may be arranged for social purposes.
The decree also proclaims heavy penalties for unlicensed crypto activities, including mining. Those who operate or perform any type of activity related to the constitution, issuance, organization, operation and use of sovereign crypto assets or [other] crypto assets, including mining, without the due authorization of the governing body and in breach of the other formalities required by this constituent decree, will be sanctioned with a fine equivalent to to sovereign crypto assets.
What do you think of these Venezuelan crypto rules? Let us know in the comments section below. Need to calculate your bitcoin holdings?
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