Would you like to invest in Petro? Now, Crypto Mining is legal in Venezuela
Petro is an oil-backed Cryptocurrency propose by Venezuela. It would be a supplementary currency with existing currency. Petro was announced by Venezuelan President Nicolás Maduro in a televised address on 3 December 2017. President Maduro said that petro would be backed by country's reserves of oil, gasoline, gold and diamonds. It is learned that pre-sale of petro will be on February 20th.
1 Petro = 1 Barrel
#/media/File:Petro_Logo.jpg){kind=link}
Petro would be the first digital currency backed by the central government. It is historic in that sense. If this project becomes successful more and more central government will think about Cryptocurrency. Currently, They are thinking about government-backed digital fiat currency.
The petro, or petromoneda, is a cryptocurrency proposed to be adopted by Venezuela. Announced in December 2017, it would be backed by the country's oil and mineral reserves, and it is intended to supplement Venezuela's bolivar fuerte currency as a means of securing international financing Source
US Senator Marco Rubio is not happy with this decision of introducing government-backed Cryptocurrency Petro. Currently, Venezuela is facing sanctions from USA. Some believes that Petro is launched to bypass different sanctions.
The most interesting part is that Mining Bitcoin or other Cryptocurrencies were illegal in Venezuela. It is heard that Government prosecute lots of people for mining Bitcoin. But now Venezuela's government announced that Mining Bitcoin or Other Cryptocurrencies is completely legal. No one is breaking the law. wow !!! complete U-Turn. Good news for the Cryptocurrency enthusiasts.
Though Some praised the decision to introduce Government-backed Cryptocurrency, Some people also denounce the decision including USA senator Marco Rubio.
What is your opinion regarding Petro and Government-Backed Cryptocurrency in general? Please leave a comment below
Thank you for taking the time to read this post. Your comments and upvotes are highly appreciated.
Please upvote, resteem and follow me, thank you.
My Comments on Steemit " Steemit is the best platform. Steemit is not an idea only. We are using it daily. So enjoy Steemit."
A social network that pays for your voice
A social network that pays for your voice
Like Steemit, Sphere is the new generation of social networks.
It is creating a decentralized social network, separate from those corporations. You have a voice and, above all, recover the power with each click and each social connection. it will work with ETHEREUM cryptocurrency
Register here and win your first 50 tokens https://sphere.social/?ref_code=um7et875fd0k
Nice petro
great post dear.keep it up
Thank You
You got a 2.93% upvote from @bid4joy courtesy of @steemero!
seeing as the mismanagement of the economy has left Venezuela in its current crisis, who can predict the impact of a cryptocurrency?
Petro might not help if mismanagement exsits.
it's entirely frightening! The government of venezuela is bad news bears.
one more way to take a bite out of their economy.
then again, maybe lifting of sanctions on crytpo is exactly what the venezuelans need to excell. I wonder how many of them would trust their government enough to invest in it!??!!
hi, i'm from venezuela. and no, no one in venezuela with the minimum of intelligence would invest in such thing
obviously the government talks about the "petro" as a new key to surpass the crisis we have, but we all here now it's just another trick to obtain any type of money to keep this dictatroship surviving, and if possible have more control over our economy
and, well, most of the reserves of oil, diamond, gold and so, are debt to China and other countries as a payment for the money such countries gave the goverment of Chavez-Maduro on its time.
Thank you for your clarification. We do not know much about inside stories In Venezuela.
You got a 0.85% upvote from @postpromoter courtesy of @steemero!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!