National Assembly declares Venezuelan cryptocurrency issue null
The legislative body of Venezuela made the decision this afternoon. Before, the Superintendent of the Cryptocurrency, Carlos Vargas, informed that the Petro will not be minable and will be assigned by auctions.
The launch of the crypto currency Petro in Venezuela has been accompanied by much controversy. For some it is the dollarization of Venezuela, for others it is illegal because the riches of the Venezuelan soil can not be used in these necessities. The government ignores these comments and goes ahead with its project, making new announcements every day. The National Assembly had been silent on the issue, except for the comments of some opposition deputies who had expressed their disagreement with the issuance of the currency based on non-renewable natural resources. However, today in the session of the National Assembly unanimously approved an agreement declaring absolute nullity on the issue of Petro.
Last night, the 2nd vice president of the National Assembly, Alfonso Marquina, had already advanced something about this decision and wrote in his Twitter account:
The Petro is not a cryptocurrency. Represents a forward purchase / sale contract whose underlying asset is one barrel of oil. Tomorrow the AN will declare its emission null, therefore it would not be required of the Republic. For violating the CNRV and the Org. of Hydrocarbons (art 3) ".
It will not be minable
On the other hand, today in the Venezuelan media, the Superintendent of the Cryptocurrency, Carlos Vargas, acknowledged that the Petro will not be minable. He said on the VTV State television channel:
It will not be minable. There are two types of coins: those that are mineable and those that are not mineable, the latter are preminated, as they are called. They are preminated because you have the complete emission under your control. In the case of the coins that are preminated, they are those that are being used by projects of countries that have decided to mine their currencies and this for the guarantee of transparency in the delivery of the primary market ".
He added that the State will have control over all the currencies and will know to whom it will be delivered. Vargas added, according to the El Estímulo publication:
In the first instance, this issue of Petro will be preminated and it will be assigned in the primary market with a procedure similar to that of the auctions. The process of legitimization will occur because a platform will also be used that will soon be revealed, where the validation on that reliable platform, known and renowned, will give the guarantee of the operation of the petro in Venezuela and in the world. "
He informed that it will be the next weekend when all the information about Petro is revealed in an activity in which, according to the Superintendent, the more than 80,000 miners that have been registered in the Single Registry of Criptomineros.
For many economists, like the case of José Toro Hardy and Ricardo Hausmann, the Petro is not a cryptocurrency or a digital asset, but simply a public debt issue, because it promises an oil that has not yet been exploited.
