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Petro Coin | Beginning Global Trade in Venezuela Come October

Venezuela’s president, Nicolas Maduro, just made a bold statement regarding his oil-backed cryptocurrency, the Petro Coin.

The Petro Coin

Maduro appeared on the national VTV channel today and delivered a speech about his country’s latest economic issues. According to VTV’s official website, Maduro said:

“The Petro enters the street, as a currency of exchange, purchase and convertible currencies for the world.”

However, the Venezuelan president didn’t specify the areas where the Petro will be used. Maduro also didn’t name any countries willing to accept the Petro Coin.

This oil-backed cryptocurrency was first introduced back in February of 2018. In the beginning, 82.4 million Petros were available for purchase with top cryptocurrencies and fiat currencies—excluding the Venezuelan Bolivars. The President even went as far as making it a requirement for some state-owned businesses to convert a percentage of their sales into Petros.

>> President Trump vs. The Petro

Petro Controversy

Venezuela has been in a long recession and its currency, the Bolivar, has seen extreme and rising inflation. Many global leaders believe that Maduro is using the Petro Coin as a way for other countries to buy their debt. The Petro is a desperate attempt to pull his country from its economic and humanitarian crisis.

Even leaders and lawmakers in his own country have deemed the coin illegal.” Venezuelan Representative, Rafael Guzman, said“This deepens the crisis that we are living in. The PTR is another [example] of corruption, and we will come out of this crisis with measures that we have announced from this Parliament.”

While it seems the President has stuck to his guns about the Petro Coin, it remains still unknown if anyone will even accept the Petro. The US has had sanctions against Venezuela since mid-March and US banks will not be accepting any Venezuelan debt anytime soon.

Featured Image: Depositphotos/© ngad

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Venezuelan Banks Must Accept Petro

Two days ago, Venezuela’s President — Nicolás Maduro, ordered the nations banks to adopt the Petro digital currency, so now Venezuelan banks must accept Petro.

In a bid to reform the nation and alleviate the current Venezuelan economic crisis, Maduro is trying to get the Petro coin recognized as Venezuela’s second currency and now banks within the nation must accept the coin.

The hope is that by fixing the nation’s fiat currency to the newly created Petro, financial stability will be possible.

Venezuelan Banks Must Accept Petro

Venezuela’s economic situation is dire. By the end of this year, the IMF estimates that the country is going to reach inflation levels of 1 million percent. Poverty is obviously rampant and many people have fled to try and escape the crisis.

But others are putting their cash into digital currencies as a form of protection for their wealth. Currencies such as Bitcoin and Dash are popular among the masses, with Dash, in particular, becoming more widely accepted by merchants — Subway and Calvin Klein both allow people to pay with the digital currency.

Earlier this year, The Dash Foundation invested $1 million into educating Venezuelan’s about using digital currencies securely.

Economic Reforms

In the latest round of economic reforms, The Venezuelan President increased the minimum wage, the price of petrol, and VAT.

This includes a 3,400% increase in minimum wage and a VAT increase of 4%.

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Petro Coin

Petro was launched in February of this year. Maduro has faith in the coin to bring stability to his nation as he claims it is backed by Venezuela’s oil reserves. However, actual proof of this remains to be seen and the nation has remained divided on the subject since its inception. Even the US went as far as implementing sanctions against the coin. 

According to Russ Dallen, a managing partner of Caracas Capital Market, the Petro coin isn’t backed at all saying:

“They’re setting up a stand on the front porch of Venezuela to sell snake oil that’s essentially backed by nothing. People believe its backed by oil, but if you read the contract, it’s really not.”

What are your thoughts on the subject?

Featured Image: Deposit Photos/jkraft5

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Crypto Daily News | Bitcoin (BTC) Bull Run, Petro Coin, and MetaMask

On today’s segment of Crypto Daily News, we’ll cover the thriving Bitcoin (BTC) and the cryptocurrency market, Venezuela’s president trading the national currency for one tied to its ‘Petro Coin,’ and MetaMask being removed from the Google Chrome store for a few hours.

Crypto Daily News: July 26th, 2018

Crypto Daily News: Bitcoin (BTC) and the Crypto Market

Bitcoin has been on a nine-day bull run, and currently, the cryptocurrency is still sitting above the $8,100 mark.

Crypto Daily News
Source: CoinMarketCap

At press time, BTC is trading at $8,193.45 a coin, up 0.14% in 24 hours. For the week, Bitcoin is up 10%, and for the month, the cryptocurrency is up 32.50%.

Nearly all of the top 15 cryptocurrencies are trading in the green today, and the total crypto market is sitting just above the $300 billion mark.

Crypto Daily News: Petro-Backed Coin Takes Over Venezuela

The Venezuelan president, Nicolas Maduro, just made a major announcement that his country will be replacing its national currency. Currently, the bolivar is Venezuela’s national currency, but the country has been in a steep recession for quite some time making the currency practically useless.

The new bolivar Soberano will make its appearance into the country next month and will take the place of the bolivar. According to a local news source teleSUR, the president states that this new currency will be “anchored” to the oil-backed Petro cryptocurrency.

The Petro was launched back in February in an effort to save Venezuela from its steep recession but received global backlash in doing so.

According to teleSUR, Maduro said:

“The economic reconversion will start on August 20 definitively with the circulation and issuance of the new Sovereign Bolivar, the new monetary cone [sic] that is going to have a new method of anchoring the Petro.”

The president believes that the new currency will alter the financial situation of the country radically. Many global leaders, as well as Venezuela’s own congress, has deemed the Petro coin ‘illegal‘ but it is slowly making its way into the country’s financial system.

Venezuela will strip five zeros from the bolivar rather than just the three that had been initially planned. It remains unknown if this desperate attempt will work, considering the country’s soaring inflation is expected to reach a million percent this year, the article claims.

Crypto Daily News: MetaMask Removed From Google Chrome Store

The Ethereum-run browser extension, MetaMask, was removed from the Google Chrome Web Store unexpectedly yesterday. The app was listed again just five hours later, with no clear indicator as to why it had been removed in the first place.

MetaMask was not given a clear reason why its app was removed, but the company has published a medium post outlining its ‘retrospective view‘ of the situation.

>> TADA: First Blockchain-Powered Ride-Hailing App Launched in Singapore

Featured Image: Depositphotos/© mdkhalil1

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