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Venezuela’s petro cryptocurrency has become a reality. The country’s government today officially launched the presale of its own cryptocurrency, in hopes that the new digital coin will boost the Venezuelan economy.
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That is great news for sanctions stricken nation as cryptocurrencies allow financial transactions to bypass US-controlled financial and economic institutions, pointing out that Washington "keeps on the hook" most of the channels implementing operations with traditional currencies
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Good luck to you Venezuela , it is time to teach arrogant gangsters a lesson or two .
The Petro is nothing more than a way of acquiring debt by the Venezuelan State, if you look closely it is not a cryptocurrency, because there is no anonymity, nor does it escape from state regulation, and it is centralized, it is only one way in which that the Venezuelan State is selling oil that it has not extracted, which at most is illegal under Venezuelan legislation.
The "regulations" of the United States to Venezuela are a joke, because the United States continues being the main commercial partner of Venezuela.
The only thing that these "regulations" avoid is that the Venezuelan government get more debt, and I think it's fair enough, because Maduro is mortgaging the country, for very little money besides, only to stay in power, and as you said, "it is time to teach arrogant gangsters a lesson or two".
Petro will be used as payment for oil bypassing US sanctions , it was not ment to be bitcoin
US has MASSIVE debt , they own money to lot of countries and they are broke . If they can use Venezuelan oil to repay some debt it would be perfect
Unfortunately, @smidge-tv, petro is centralized. Maduro just made the greatest mistake he could. Now he can't avoid the disaster.
They had no choice , their money is frozen in US banks and sanctions prohibit any money transfers to Venezuela . This is their attempt to bypass gangsters . We`ll see how it goes ...
They had a choice — they could issue a decentralized currency and keep control for some time like Buterin is doing it with Ethereum. I agree, we'll see, but I don't expect anything good… :(
This is not meant to be crypto like others , this is simply digital payment for oil and nothing else . One token will always be worth 1 barrel of oil and if you want their oil you will have to use their tokens . This is nothing but attempt to bypass sanctions
I know what is the intention, @smidge-tv, but there is nothing simple in it. It's the implementation that it's faulty. It's not safe.
I don't know the technical details , so I cannot comment on that
The sanctions of the United States prevent the government from renegotiating or issuing more bonds than it already has, the Petro, although designed for this, will not do so, the United States Department of the Treasury announced a few months ago that the Petro does not escape of their sanctions.
And I repeat again, the Petro frontally violates the Venezuelan constitution by alienating the country's natural resources, it is illegal, and I am talking about the constitution that Chávez himself created.
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That is not true, in addition, to date they have not placed sanctions to freeze the Venezuelan government accounts, the only sanctions of the United States towards the Venezuelan government prevent the purchase or renegotiation of bonds between Venezuela and US citizens.
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