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What We've Learned About Venezuela's Cryptocurrency

What We've Learned About Venezuela's Cryptocurrency

What We've Learned About Venezuela's Cryptocurrency Feb 20, 2018 at 21:30 UTC|UpdatedFeb 21, 2018 at 21:35 UTC The government of Venezuela published several guides Tuesday in support of the presale for its "petro" cryptocurrency. Announcing the oil-backed token as a form of legal tender that can be used to pay taxes, fees and other public needs, the Venezuelan government outlined its plans and expectations for the petro in a new website built for the cryptocurrency and launched today with the start of the token's pre-sale. The website is hosted by the country's Ministerio del Poder Popular para Educacion Universitaria Ciencia, Tecnologia (MPPEUCT). The petro's price will depend on the price of a barrel of Venezuelan oil from the previous day, according to the government's website. The presale, which was announced last month , launched Tuesday morning , as CoinDesk previously reported. Though more than 100 million petros are expected to be released ultimately, initially, only 82.4 million will be disbursed. It's the first digital currency to be issued by a federal government - yet the initiative itself has long attracted criticism, including from lawmakers both inside and outside of the country. It was first unveiled by Venezuelan President Nicolas Maduro in early December. The buyer's manual explains how users can set up digital wallets and purchase the token, and includes a warning to users about wallet security. For full details on how the token works, the government released the full white paper (a notable release given that the government, just over a month ago, was blasting the release of what it said were fake details). Though the third embedded document is titled "Guidelines for the internal control manual for the prevention of money laundering and financing of Continue reading >>

Don't Be Fooled Venezuela's Petro Is Not Really A Cryptocurrency

Don't Be Fooled Venezuela's Petro Is Not Really A Cryptocurrency

Venezuela is suffering one of the worst economic crises of modern times . President Nicols Maduros beleaguered government is overseeing scarcities of food and medicine, soaring crime rates and the collapse of public services and the health system. But when it launched a new cryptocurrency, the Petro, in an Initial Coin Offering (or ICO) the virtually bankrupt country says it raised US$735m on the first day of the pre-sale. Read more: Explainer: what are initial coin offerings (ICOs) and why are investors flocking to them? Any rational investor would probably steer well clear of the 100m Petro made available. The ICO is obviously a way to raise money by getting around the sanctions against Venezuela, which prevent it from issuing bonds or securities in the regular financial system. It is in desperate need of US dollars, with inflation running into quadruple digits which has made the Venezuelan bolvar worthless. Meanwhile, the production of oil, on which the countrys economy relies, has plummeted in the past year . That said, the Petro certainly represents a very interesting experiment. It is the biggest ICO ever proposed and, if it hits its cap of around US$5 billion which is highly debatable that will represent about 5% of the total number of Ethereum cryptocurrency currently circulating and will equal more than a half of the entire revenues generated by ICOs up to 2017. For Venezuela this is a smart option. Rather than restructuring the whole economy and linking a new currency to the US dollar, launching a cryptocurrency is much easier in an effort to fund the government and keep it functioning. If anything, because the Petro does not lead to any interference in the domestic political economy by third-party bailing-out institutions such as the IMF. Venezuelas oil prod Continue reading >>

Venezuelas Petro Undermines Other Cryptocurrencies And International Sanctions

Venezuelas Petro Undermines Other Cryptocurrencies And International Sanctions

Venezuelas petro undermines other cryptocurrencies and international sanctions Venezuela is in the midst of one of the largest economic disasters in recent history. Rampant inflation over 4000 percent in the past year, food and medical shortages, and political turmoil have left the country in a perilous state. In the midst of this crisis, the government has proclaimed its new cryptocurrency, the petro, as a digital alternative to their now close-to-worthless physical currency, the bolvar. Cryptocurrency values have been characteristically volatile this past year, so the idea that the petro can ameliorate an economic crisis rooted in the bolvars volatility seems unbelievable. Yet, Venezuelan President Nicolas Maduro claimed the country raised $735 million in its first-day presale of the petro and seeks to raise around $6 billion dollars in total from foreign investors. Following Venezuelas asserted success with circumventing sanctions through a successful petro pre-sale, countries like Russia , Turkey , and Iran are looking into developing their own national cryptocurrencies as well. The appeal of cryptocurrency adoption over the past decade stems from its underlying technology. The transfer of cryptocurrencies takes place via the blockchain , a public ledger that digitally records the transactions between two parties. A key feature of the blockchain is its decentralization all nodes in the network verify and encrypt transactions to maintain the integrity and security of the network. Because all nodes share this task equally, cryptocurrency transactions can take place without the need for a central oversight. The petro differs significantly from other popular cryptocurrencies like Bitcoin, Dashcoin, and Litecoin that circulate widely. The price of one petro is pegged to Continue reading >>

Venezuela's Bitcoin: Petro Raises $735 Million, Says President Maduro | Fortune

Venezuela's Bitcoin: Petro Raises $735 Million, Says President Maduro | Fortune

Despite the U.S. Treasury Department warning investors away from it, Venezuela President Nicolas Maduro says the launch of his countrys oil-backed answer to Bitcoin , Petro, raised $735 million in its first day. In a tweet late Tuesday, the Venezuelan leader said that investors had promised 4.8 billion yuan, or $735 million in a pre-sale of Petro, the cryptocurrency Maduro hopes will help boost Venezuelas ailing economy. Countries including the U.S. have imposed sanctions on Venezuela, with the U.S., at least, dubbing Maduro a dictator. That comes as the Venezuelan bolvar fuerte has been in free fall partly due to excessive printing of money, while the country still owes its creditors some $141 billion. Maduro has said that he hopes the Petro will help the country skirt Western sanctions , though the U.S. Treasury has warned that it wont be that easy. In mid-January, the department told potential Petro investors that they could be subject to sanctions against Venezuela. Available information indicates that, once issued, the Petro digital currency would appear to be an extension of credit to the Venezuelan government, the Treasury department said in a statement to Reuters . If Maduros plans pan out, the fund raise will indeed attract a much higher figure than the initial $735 million. Maduro has said that he plans to offer a total of 100 million Petros, with a starting price of $60 eachroughly the price of a barrel of oil, for a total of about $6 billion. Some 824 million tokens have so far been made available. And he doesnt plan to stop there. Following on the sale of the Petro, Maduro has said that he plans to launch a cryptocurrency backed by gold next week, Reuters reports. A grandes problemas, grandes soluciones! Desde el primer minuto el juego arranc bien, y arran Continue reading >>

Venezuela's New Cryptocurrency Is An Even Worse Investment Than Bitcoin

Venezuela's New Cryptocurrency Is An Even Worse Investment Than Bitcoin

Just when you thought the cryptocurrency craze couldnt get stranger, up pops its most absurd proposition yet: the Petro. It is Venezuelas version of bitcoin, which is perhaps the best-known cryptocurrency. The Petros presale launched February 20 and is expected to run through March 19. The goal is to raise up to $2 billion according to a recent report from geopolitical consulting firm Eurasia Group. The idea is that the Petrowill be a government-run oil-based Bitcoin-type money. Venezuela has significant oil reserves. What the country badly needs is cash in the form of dollars or other convertible currency, and it would seem that the Petrois the latest money-raising vehicle. It may sound intriguing, but dont let the hype tempt you into investing in the Petro.There is so much wrong with it that its hard to know where to start. Here are a few key points. Venezuelas President Nicolas Maduro (C) delivers a speech [+] [-] on the Petro, a new oil-backed cryptocurrency Photo: FEDERICO PARRA/AFP/Getty Images Desperate Gimmick is how Wall Street bank Brown Brothers Harriman describe the Petro, in a recent report. The BBH currency analysts are among the most level-headed individuals youllfind on Wall Street, so when they say desperate, it pays to take note. The report notes the following: [Venezuela President Nicols] Maduros comments suggest that the value of a petro should somehow be determined as a combination of oil prices and credibility of the Venezuelan government. The problem is that the Maduro government has close to zero credibility with most people, especially investors. The country is plagued by hyperinflation which is currently running at more than 5,000% a year, according to Steve Hanke, professor of applied economics at the Johns Hopkins University. The people in t Continue reading >>

Petro Coin - Investing In Official Venezuela Cryptocurrency.

Petro Coin - Investing In Official Venezuela Cryptocurrency.

Pre-Sale agreements for Petro reached more that 5,000 million US dollars, equivalent to more than 4,000 million euros or more than 31,000 million yuan. "This cripto-asset backed by the Venezuelan state reaffirms our economic sovereignty". Petro (PTR) has its origin in the idea of president Hugo Chavez of a strong currency backed by raw materials. Its background dates back to proposals for global nancial and monetary coordination prior to the hegemony of the US dollar, which resurfaced after the nancial crisis of the late 1990s. The blockchain allows the transfer of value and information, without third parties, they provide the tools to successfully face the challenge of creating platforms and financial instruments that are transparent, efficient and inclusive. Petro will be a sovereign crypto asset backed by oil assets and issued by the Venezuelan State as a spearhead for the development of an independent, transparent and open digital economy open to direct participation of citizens. It will also serve as a platform for the growth of a fairer nancial system that contributes to develop- ment, autonomy and trade between emerging economies. The Venezuelan population will have at their reach a technology that will allow them having a valuable reserve and robust means of payment to stimulate savings and contribute to the countrys development. Petro will be an instrument for Venezuelas economic stability and financial independence, coupled with an ambitious and global vision for the creation of a freer, more balanced and fairer international nancial system. 2018 THE PETRO seeding the technological sovereignty Continue reading >>

Petro (cryptocurrency)

Petro (cryptocurrency)

The announcement of the proposed new digital currency comes on the heels of a rapid rise in the value of Bitcoin . The Venezuelan governments expectation is likely that the financial community will considerpetro to be an investment opportunity, with strong demand keeping the currency stable at a time when the value of countrys official currency, the Bolivar, has plummeted due to high rates of inflation . An unstable currency has made it more difficult for Venezuela to service its debts. Venezuela has one of the worlds largest oil reserves, but after years of financial mismanagement and political turmoil the countrys economy is in free fall. The low price of oil a commodity that accounts for half of the countrys GDP - has severely damaged the countrys ability to pay back international creditors, and the country has flirted with bankruptcy in recent months. High rates of inflation, coupled with shortages of many basic goods due to price controls, has sapped the countrys productivity and sent the economy into a prolonged recession . International observers believe that the primary impetus behind the announcement ofpetro digital currency is to circumvent U.S.-led sanctions. These were levied in response to the deteriorating political situation in Venezuela, with the government failing to hold free and fair elections, undermining democratic institutions, and imprisoning leaders of the opposition. The sanctions prevent the country from being able to readily use international financial institutions, which now have to heavily scrutinize the source of funding in order to be in compliance. This may result in payments being delayed and the country going into technical default, as it did in November 2017 when payments to government bondholders were made late. Cryptocurrencies have Continue reading >>

Venezuelan Crypto Petro Receives The Satoshi Nakamoto Prize In Russia

Venezuelan Crypto Petro Receives The Satoshi Nakamoto Prize In Russia

Venezuelan Cryptocurrency Petro Receives the Satoshi Nakamoto Prize in Russia Join our community of 10 000 traders on Hacked.com for just $39 per month. Despite all the doubts and controversies surrounding the project, El Petro, the Venezuelan cryptocurrency, has recently received the Satoshi Nakamoto Prize from the Russian Cryptocurrency and Blockchain Association ( RACIB ) for its outstanding contribution to the development of the blockchain industry, according to the official community. The awards ceremony was held in Russia and was attended by Venezuelan ambassador Carlos Rafael Faria Tortosa. In addition to El Petro, the awards ceremony that took place at the World Trade Center during the BLOCKCHEINF-2018 international congress held by Racib had another twelve winners in different categories. Racib is an organization active in the Russian blockchain industry and has several members from traditional and Fintech sectors, including governments. The award reinforces suspicions about the involvement of Russian officials with Venezuelas project. According to Telesur, Deputy Minister of Industry and Commerce of the Russian Federation Oleg Nikolaevich Ryazantsev was in Venezuela in April to discuss cooperation with the Latin American nation in several areas, including the adoption of Petro as a form of payment among nations. The proposal was presented by Wilmar Castro, vice president for the Venezuelan economic area. Recently, a much-publicized Time report claimed that Russian President Vladimir Putin directly greenlit Russia to help the Venezuelan crypto project. According to the publication, Denis Druzhkov and Fyodor Bogorodsky were the intermediates of the initiative. Mr. Druzhokov is CEO of Zeus Trading. Mr. Bogorodsky has been described as the director of the company Continue reading >>

Venezuela's Petro Isn't Oil-backed. It's Not Even A Cryptocurrency (opinion)

Venezuela's Petro Isn't Oil-backed. It's Not Even A Cryptocurrency (opinion)

Venezuela's Petro Isn't Oil-Backed. It's Not Even a Cryptocurrency (Opinion) By David Floyd | Updated February 22, 2018 5:35 PM EST A Cryptocurrency Derivatives Boom Might Be On Its Way [David Floyd is a staff writer at Investopedia. The views expressed by columnists are those of the author and do not necessarily reflect the views of Investopedia as a whole.] On Feb. 20, Venezuelan vice president Tareck El Aissami who is accused of drug trafficking and aiding members of Hezbollah announced the beginning of the pre-sale for petro , saying the cryptocurrency's launch places Venezuela "at the vanguard of the future." That's doubtful, and not just because there's no evidence , according to Ars Technica, that the $735 million supposedly invested during the first day of the pre-sale ever changed hands. The country's president, Nicols Maduro, revealed that the government would create a "cryptocurrency backed by reserves of Venezuelan wealth of gold, oil, gas and diamonds" on Dec. 3. While that announcement preceded the erstwhile Long Island Ice Tea's pivot to cryptocurrency mining they're called Long Blockchain Corp. ( LBCC ) now and Eastman Kodak Co.'s ( KODK ) initial coin offering , the three should be seen in the same light: drowning entities splashing towards an island of dumb money. Kodak hasn't turned a profit since 2013, the year it emerged from bankruptcy. Long Blockchain has been losing money for even longer. Both firms saw their stocks surge by triple digit percentages following these announcements. Venezuela's situation is not all that different. Its leadership has destroyed the economy, even though the country enjoys larger oil reserves than Saudi Arabia. Hospitals have run out of medicine, children are starving , the currency has been inflated into oblivion, and Continue reading >>

Petro Coin Price: What Is El Petro Cryptocurrency And Can You Buy Some?

Petro Coin Price: What Is El Petro Cryptocurrency And Can You Buy Some?

Petro coin price: What is el Petro cryptocurrency and can YOU buy some? Petro coin price: What is el Petro cryptocurrency and can YOU buy some? VENEZUELAS oil backed el Petro cryptocurrency aims to pull the failing country out of the depths of economic crisis. But what is Petro coins price and how can you buy it? President Nicolas Maduro launchd his brand new cryptocurrency off the back of the bitcoin craze, hoping to restore some stability to his country. Launching the tokens pre-sale on Tuesday, el Petro finally came into fruition after being first announced back in 2017. The token is now backed by Venezuelas only commodity which still functions on the international arena barrels of oil. President Maduro said during the tokens launch announcement: Petro is born and we are going to have a total success for the welfare of Venezuela. The largest and most important companies and blockchain in the world are with Venezuela, we are going to sign agreements. Petro investors could violate sanctions against Venezuela, warns US The initial pre-sale of the token offered it in exchange for hard currencies and other virtual tokens - but not the embattled Venezuelan bolivar. President Maduro promised nearly 100 million of the tokens will be created, in a similar vein to bitcoins limited amount of mine-able coins. The total value of the cryptocurrency is expected to stand at $60billion, or $60 per token. The official el Petro website states: The Petro (PTR) will be backed by the Bolivarian Republic of Venezuela and the wealth of its large crude oil reserves. Petro coin: President Nicolas Maduro launched the Venezuelan token's pre-sale More importantly, the Petro has been created in an innovative manner, using the highest standards in block chain technology and information security, Continue reading >>

Venezuela Says Its Cryptocurrency Raised $735 Millionbut Its A Farce

Venezuela Says Its Cryptocurrency Raised $735 Millionbut Its A Farce

Venezuela says its cryptocurrency raised $735 millionbut its a farce Venezuela says its presale raised $735 million in 24 hours. Dont believe it. by Timothy B. Lee - Feb 22, 2018 6:42 pm UTC Nicolas Maduro, Venezuela's president, speaks during the petro cryptocurrency launch event in Caracas, Venezuela, on Tuesday, February 20, 2018. Venezuelan President Nicols Maduro claims a new state-sponsored cryptocurrency called the petro raised $735 million on Tuesdayits first day on sale. But the government hasn't provided any way to independently verify that $735 million figure. And there's reason to doubt almost everything the Venezuelan government has said about the project. The presale was a disorganized mess, with basic technical details still being worked out after the sale supposedly began. The petro network itself hasn't launched yetallegedly that will happen next monthand the government has hardly released any information about how it's going to work. Moreover, there's little reason to believe that the petro will maintain its value over time. The Venezuelan government has portrayed petro tokens as backed by Venezuela's vast oil reserves, but they're not. The government is merely promising to accept tax payments in petros at a government-determined exchange rate linked to oil prices. Given the Venezuelan government's history of manipulating exchange rates, experts say investors should be wary of this arrangement. Moreover, the petro scheme has been opposed by opposition legislators in Venezuela's opposition-controlled legislature. They say that the Maduro government is essentially issuing oil-backed debt, and legally that can't be done without approval from the legislature. If Maduro falls from power in the future, his successor might refuse to honor petro redemptions. Continue reading >>

Petro Ignited: Venezuela Launches Pre-sale Of Oil-backed National Cryptocurrency

Petro Ignited: Venezuela Launches Pre-sale Of Oil-backed National Cryptocurrency

Petro Ignited: Venezuela Launches Pre-Sale Of Oil-Backed National Cryptocurrency Venezuela launched the pre-sale of the worlds first national cryptocurrency Petro (PTR). The Venezuelan government launched the pre-sale of the worlds first national, oil-backed cryptocurrency Petro (PTR), Financial Times reports Tuesday, Feb. 20. 82.4 million Petros are already available for purchase for fiat currencies and top cryptocurrencies, although not for Venezuelan Bolivars. The government intends to attract foreign investors from countries like Poland, Denmark and Norway, as well as skirt the US and EU sanctions, according to Venezuelas Minister of Foreign Trade and International Investment Jos Vielma Mora. Previously, President Nicolas Maduro had ordered the issue of 100 million Petros with the value of a single barrel of oil each. The president hopes to raise a total of just over $6 billion via the sale of PTR. To buy and trade in Petro, investors need to download a digital Petro wallet , developed by the Venezuelan government. Once acquired it will generate an address you can provide to anybody who wants to transfer PTR to you. The catastrophic drop in the value of the Bolivar made the countrys government search for alternative ways to save the economy from a meltdown. In the last 12 months, the inflation in Venezuela totaled 4,115 percent and the Bolivar lost up to 96 percent of its value, which sent the country's economy into a downward spiral. What do you think? Will Venezuela be able to outperform the entire ICO market of 2017 by securing $6 bln during the sale of Petro? #CT_questions Venezuela has officially launched the pre-sale of its #Petro cryptocurrency, first such issuance done by a government. The value of all tokens is equal to $6 bln, more than all 2017 #ICOs com Continue reading >>

Petro (cryptocurrency)

Petro (cryptocurrency)

The petro, or petromoneda, [1] is a cryptocurrency proposed to be adopted by Venezuela . Annoounced 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. The creation of the petro was announced by Venezuelan President Nicols Maduro in a televised address on 3 December 2017. [2] Maduro stated that the new currency would be backed by Venezuela's reserves of oil , gasoline , gold and diamonds ; [3] however no timeline for the launch of the currency was immediately revealed. [4] The establishment of a blockchain observatory to administer the petro was also announced. [1] Maduro stated that the petro would allow Venezuela to "advance in issues of monetary sovereignty", [3] and that it would allow for "new forms of international financing" to be available for the country; [2] however opposition leaders expressed doubt that the currency would be practical, considering the economic turmoil Venezuela was undergoing, [3] including the falling value of Venezuela's conventional currency, the bolivar fuerte, and $140 billon USD in foreign debt. [4] Overseas reaction was also mixed yet generally negative, with cryptocurrency expert Max Keiser applauding the initiative, while economist Jean Paul Leidenz expressed concerns that the creation of the petro would encourage further hyperinflation of the bolivar, [1] and Forbes 's Steve Hanke stated that the petro was likely to wind up "in the graveyard". [5] Continue reading >>

Russia Undercuts Us Sanctions With Venezuelan Cryptocurrency | Time

Russia Undercuts Us Sanctions With Venezuelan Cryptocurrency | Time

President Donald Trump may not have realized on Monday that his executive order would step on Russias toes. Its official target was Venezuela, specifically the countrys plan to create the worlds first state-backed cryptocurrency, the petro, which went on sale Tuesday. But behind the scenes, the petro was in fact a collaborationa half-hidden joint venture between Venezuelan and Russian officials and businessmen, whose aim was to erode the power of U.S. sanctions, sources familiar with the effort told TIME. Trumps executive order did not mention the petros Russian backers, whose role has not previously been reported. Citing economic sanctions that the U.S. imposed against Venezuela in August, the order simply made clear that anyone who buys or uses the new cryptocurrency would be in breach of those sanctions, as would anyone under U.S. jurisdiction who helps Venezuela develop the petro. Any conspiracy formed to violate any of the prohibitions set forth in this order is prohibited, the document states . That may be why the Russians involved in this operation have been keen to remain in the shadows, in part through a clumsy online campaign to obscure their role in the project. But a TIME investigation has found Moscows fingerprints all over the creation of the petro, a scheme that reveals the range of Russias efforts to fight back against U.S. sanctions. The new cryptocurrency, a form of digital cash that is supposedly linked to the value of Venezuelas oil reserves, was launched on Feb. 20 during a ceremony in the presidential palace in Caracas. Nicolas Maduro, the socialist leader of Venezuela, declared that it would serve as a kind of kryptonite against the power of the U.S government, which he sarcastically referred to as Superman. Sitting in the front row at that cerem Continue reading >>

Crypto Investors Should Stay Away From Venezuela's Petro

Crypto Investors Should Stay Away From Venezuela's Petro

Mar 25, 2018 at 10:00 UTC|UpdatedMar 26, 2018 at 10:23 UTC Yaya J. Fanusie is the director of analysis at the Foundation for Defense of Democracies' Center on Sanctions and Illicit Finance. Follow him on Twitter at @SignCurve . Michaela Frai is a research associate at the foundation. Follow her at @MichaelaFrai and @FDD . Venezuela has reportedly made the first state-backed cryptocurrency, the petro, available to the public. Crypto investors should just say no. For one thing, Venezuelan President Nicolas Maduro blatantly advertises this new crypto token as a tool to circumvent economic sanctions , levied due to his government's massive corruption and human rights abuses. The opacity and confusion surrounding the petro project exemplifies the tumultuous and nefarious political climate in Venezuela. Although the petro is unlikely to hold much value in today's digital currency markets, cryptocurrency enthusiasts around the world should send a strong signal to Maduro and to other rogue actors who may be learning from the petro experiment, that blockchain technology will not be used to support corruption. The poorly planned rollout of the new cryptocurrency has already given potential investors plenty of reasons to stay away. First of all, the Maduro regime has not been transparent about exactly how the petro will be acquired, traded, and managed. In January, the regime published a white paper explaining the mechanics of the petro; a few weeks later it posted a revised version which announced the petro would be built on an entirely different blockchain platform. The regime also published an anti-money laundering (AML) guide for Venezuelan cryptocurrency exchanges, but at first, it only featured a table of contents. In addition, Maduro has made outrageous claims, like saying Continue reading >>

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