Venezuela raised $735mn on launch of oil-backed 'petro' cryptocurrency - Maduro

Venezuelans struggling to make ends meet

Venezuela depends on crude oil exports for more than 90 percent of its foreign currency revenue.

The new cryptocurrency will be backed by reserves of Venezuelan wealth in gold, oil, gas, and diamonds.

President Nicolas Maduro blames the United States and Western institutions for waging "economic war" against Venezuela.

The Venezuelan government is hoping that a digital approach will help it solve the country's problems.

Maduro was expected to announce further details with the digital coin's official launch Tuesday evening and has touted the petro as the fulfillment of the late Hugo Chavez's dream of upending global capitalism away from the dominance of the US dollar and Wall Street.

For the same reasons, Russia, China and many other countries, "are developing and implementing ideas regarding their own cryptocurrencies", Piña said, noting that a similar idea is being discussed among BRICS member states as well. The US Treasury Department, however, warned such investments would violate sanctions levied by Washington against Caracas, which technically prevents US banks and investors from openly acquiring petro.

Venezuela's official currency, the bolívar fuerte, is in freefall.

Lauren Cohan joins 'Whiskey Cavalier' pilot at ABC, eyes 'Walking Dead' exit
It is understood that AMC offered Cohan a "modest" salary increase and a longer contract instead, which she rejected. Lauren Cohan's been a fixture on The Walking Dead since making her debut as Maggie during the show's second season.

Bitcoin and other digital tokens are already widely used in Venezuela as a hedge against hyperinflation and an easy-to-use mechanism for paying for everything from doctors*visits to honeymoons in a country where obtaining hard currency requires transactions in the illegal black market. They will create 100 million virtual currencies without extra emissions.

Venezuelan's major opposition groups edged closer Tuesday to an all-out boycott of an upcoming presidential election, warning the vote won't be free or fair.

"This is not a cryptocurrency, this is a forward sale of Venezuelan oil", said legislator Jorge Millan last month.

The country's cryptocurrency regulator did not provide further details but, according to Reuters, 38.4% of the petros to be issued will be sold at a 60% discount.

The opposition coalition is expected to boycott the April presidential poll, because they believe it is rigged to ensure Maduro's re-election despite his unpopularity and a crushing national economic crisis.

But it's uncertain how much foreign currency the petro will bring in, as Venezuela's global credibility has already fallen.

Yet questions remain about which network the token will operate within, given that one document released today highlights the ethereum network, while another, constituting a buyer's guide, cites an alternative blockchain system called NEM.

Related News:



Most liked

Facebook Will Use Postcards To Fight Foreign Meddling In US Politics
So, President Trump just revealed not only his ignorance, but Republican support of Russia's highly successful efforts. Meanwhile, the Kremlin has denied involvement in the cyber attacks .

15 books you need to read after seeing Black Panther
Will Smith has heaped praise on the Black Panther cast, saying they have potentially shattered Hollywood stereotypes. Get Out is ranked fifth, Call Me By Your Name is in sixth, and Paddington 2 is in eighth.

United States forces kill Kremlin mercenaries in battle for Syrian oilfields
At the time of the attack on February 7, the Russian defense ministry insisted it had no troops in Dayr al-Zawr. Critics allege that Russian Federation uses mercenaries in Syria to keep official military losses low.

WWE Elimination Chamber lineup: The updated card for Sunday's event
Finally, he says that he's turning Raw back into Monday Night Rollins and he wants to be the man again... Look for Finn Balor to possibly pin The Miz, setting up an Intercontinental Title match in New Orleans.

Donald Trump Jr. to Deliver Foreign Policy Speech in India
In fact, he will launch two real estate projects one in Gurgaon near Delhi and the other in the eastern city of Kolkata. Donald Trump Jr. gives a thumbs-up beside his father after Trump Sr.'s debate with Hillary Clinton on September 26.

Red Sox sign JD Martinez for much-needed power to answer Yankees
The 30-year-old Martinez has changed his swing to improve his launch angle and become one of the top home-run threats. Martinez would seem to serve as the Red Sox' designated hitter, with the opportunity to see time in the outfield.

Notable Stock Analysts Ratings The Coca-Cola Company (KO)
Hence the difference between Predicted EPS and Actual EPS reported is $0.01/share which shows an Earnings Surprise of 2 Percent. If we look at the Volatility of The Coca-Cola Company (KO ), Week Volatility is 2.86%, whereas Month Volatility is at 1.79%.

Seventh grader shoots self at Stark County's Jackson Memorial Middle School
Parents in the area were already on edge this week following the horrific mass shooting at a Florida school. A Jackson Memorial Middle School student suffered an apparent self-inflicted gunshot wound this morning.

Flu deaths hit 79 in Ga
This process takes about four to six months, and sometimes flu strains mutate so much the shots don't provide adequate protection. To prepare for each flu season, the FDA has a key role in selecting the strains to be included in the annual vaccine.

Olympics: Czech Republic beat Canada 3-2 in men's hockey
The Canadians upped their physical game in the second period, flooring several Czechs. The Czechs fought back again, levelling inside the first minute of the second period.

Ohio State assistants will make $1 million in 2018
The Nittany Lions were outstanding defensively, as they held the visitors to their lowest point total in Big Ten play thus far. They will finish the regular season with games on Sunday night at No. 6 Purdue , home on Wednesday night vs.

Rocket sirens in southern Israel
Meanwhile, no one has claimed responsibility for the attack on the Israeli army vehicle, which wounded three Israeli soldiers. Following the incident, an Israeli tank fired at an observation post located in the area.

Heidi Renae Todd, 4, found in Alabama
He says 37-year-old Thomas Lawton Evans Jr. did not seek bail during a brief initial appearance Friday in Jackson. The State Law Enforcement Division has asked law enforcement agencies across the state to look for the girl.

Onboard brawl forces cruise ship to make unscheduled stop
A violent 30-person brawl broke out on a relaxing family cruise ship in what has been dubbed the " cruise from hell ". We've been told to watch our backs by this group so we're scared to go anywhere alone in the ship".

Mourinho: Rumors Of Split With Pogba "A Big Lie"
It is a big lie that we don't communicate, that we don't agree about his best position and that we don't have a good relationship. We play with Matic as a six, Lingard on the right side of Matic and Pogba on the left side.