Venezuela "Petro" Cryptocurrency Declared Illegal By The Congress
According to a news from Reuters, Venezuela Congress declared the "Petro" cryptocurrency announced by President Maduro as being "illegal". The Congress is run by the opposition, and they main point was issuing such a financial instrument will mean borrowing from Venezuela's future.
Citing from the same source:
Legislators warned investors that the petro would be seen as null and void once Maduro, who is up for re-election this year, is no longer in office. They added that the petro issue violates constitutional requirements that the legislature approve borrowing.
President Maduro announced last Friday the issuance of almost $6 billion Petro, backed by country's oil reserves, in an effort to mitigate the US sanctions.
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This a very disappointing news. Opposition often does this without any logic or research just to suppress the government actions.
Do you even know what is going on in Venezuela?
Because if you did, this is actually shocking news based on what the "President" of Venezuela has gotten away with.
The lame duck Petro takes another hit. Might still work in the crazy world of crypocurrency though. I won't be taking part in it's ico that's for sure.
What a basket case that country has become. I feel so sorry for the people still suffering there.
Which one? Venezuela or the United States?
Both could qualify.
lol you pose a good point there. I live in the US and I'm pretty serious about leaving the country in the next decade or so if things keep going the way they are.
@cryptokeepr Next decade sounds like way too long. I was watching "The Handmaid's Tale" and I was really thinking that something like that could happen there a lot sooner. Okay so may be not exactly the same storyline of women being taken in and all that but more like a few mad people trying to flex their muscles and control the masses.
I expected this to happen honestly
There are no laws that support the creation of the petro, and the National Assembly is responsible for creating them, the same constituent assembly (called the Cuban assembly) has not legislated anything about it, so it is illegal
The petro in my opinion will be one of the biggest scams that will come out of this government, which will only benefit a small group, as it happened with the allocation of dollars
PetroDollar (XPD) hit the hardest. Down 26%
Venezuela is sunk in an economic crisis where every day people die because of the lack of food, that currency is a failure at the moment for the country, the government can not give as support to this currency the minerals Oil, Gold, diamond as they are natural resources, good publication thank you for sharing, I will support you with a vote and I will be your new follower, it is the way to support us in this great family of Steemit, and I invite you to visit my publications and I will be very grateful for your collaboration, since it is a very valuable help for me, part of this income is donated to a foundation of children in extreme poverty here in Venezuela
*Venezuela is sunk in an economic crisis where every day people die because of the lack of food, that currency is a failure at the moment for the country, the government can not give as support to this currency the minerals Oil, Gold, diamond as they are natural resources, good publication *
You are very much current dear, thanks so much...... @esquinacreativa
First of all this coin is 100% a scam, you can't mine and it centralized, as the government can generate more coins when ever they feel like it, or they feel their wallets are running low. How it can't be illegal when they are trying to sell the country oil in bonds for their own party benefits, as they use it to finance their elections and give "Christmas" gifts so people vote for them.
Venezuela is in bankruptcy, the national currency highest note is worth only $0.5 that's right half a dollar, they have done everything in their power to keep the presidential sit and this year are the elections, they don't have money for their campaign, now, guess what they are going to do? That's right, they gonna sell PETRO.
thanks for post @dragosroua
Good information..
Much obliged for sharing it.
Upvoted and resteemed done