Venezuelan Cryptocurrency Petro Receives the Satoshi Nakamoto Prize in Russia
Despite all doubts and controversies about the project, El Petro, the Venezuelan cryptocoin, recently received the Satoshi Nakamoto Prize from the Russian Cryptotonic and Blockchain Association (RACIB) for its "outstanding contribution to the development of the blockchain industry," according to one official announcement.
The ceremony was based in Russia, and received the Venezuelan ambassador Carlos Rafael Faria Tortosa. In addition to "El Petro", the ceremony held at the World Trade Center during the BLOCKCHEINF-2018 international congress, also organized by RACIB, had another 12 winners in different categories. RACIB is an active organization in the Russian blockchain industry, with many members from the traditional and Fintech sectors, including governments.
The award reinforces suspicions about the involvement of Russian officials in the Venezuelan project. According to Telesur, Russia's deputy minister of industry and trade, Oleg Nikolaevich Ryazantsev, was in Venezuela in April to discuss Latin American cooperation in several areas, including the adoption of Petro as a form of payment between nations. The proposal was presented by Wilmar Castro, vice-president of the Venezuelan economic space.
Recently, an account of Time claimed that Russian President Vladimir Putin gave carte blanche for Russia to aid the Venezuelan project. According to the publication, Denis Druzhkov and Fyodor Bogorodsky were the initiators of the initiative. Druzhokov is the CEO of Zeus Trading. Bogorodsky was described as the director of the company Aerotrading, whose website consists of a single home page, without presenting relevant information about the company.
The Venezuelan Congress has already declared that the currency is illegal and unconstitutional, and the country's National Assembly has recently denounced the crypto-currency as a fraud and a threat to investors. On the other hand, the Chinese agency Dagong said the project is legitimate. President of the United States, Donald Trump, opposed the cryptocoin of Maduro, having recently signed a constitutional order banning Petro from the United States
Despite all this, Maduro persevered with the project and even plans to launch a new token, Petro Gold. It will be backed by the country's gold reserve, considered the second largest in the world, with the potential to extract seven thousand tons.
How crazy is that?