Venezuela's traditional currency, meanwhile, is in freefall. Currency controls and excessive money printing have led to a 57 percent depreciation of the bolivar against the dollar in the last month alone on the widely used black market. For the millions of Venezuelans plunged into poverty and struggling to eat three meals a day, Maduro's announcement is unlikely to bring any immediate relief.
Economists and opposition leaders say Maduro, a former bus driver and union leader, has recklessly refused to overhaul Venezuela's controls and stem the economic meltdown. He could now be seeking to pay bondholders and foreign creditors in the currency amid a plan to restructure the country's major debt burden, opposition leaders said, but the plan is likely to flop.
This has no credibility," opposition lawmaker and economist Angel Alvarado told Reuters. Maduro says he is trying to combat a Washington-backed conspiracy to sabotage his government and end socialism in Latin America. On Sunday he said Venezuela was facing a financial "world war. Daily newsletter Receive essential international news every morning. Take international news everywhere with you!
The Venezuelan president has announced plans to create a cryptocurrency backed by oil, gas, gold and diamond reserves. He said the "petro" will help combat the US' "blockade" against the oil-rich country. Venezuelan President Nicolas Maduro has announced that his government will launch a cryptocurrency in a bid to combat a "blockade" from the US.
Read more: Cryptocurrency market keeps investors obsessed. The president said a team of 50 people specializing in technology, economics, finance and monetary policy will be established to determine how move forward on the cryptocurrency, which he said will be called "petro. According to Maduro's announcement, the blockchain technology behind Venezuela's cryptocurrency will receive institutional, political and legal legitimacy from the Ministry of University Education, Science and Technology.
However, the cryptocurrency will be "backed by wealth reserves of Venezuelan gold, oil, gas and diamonds. Opposition leaders have derided the announcement, which they said needed congressional approval. Maduro's government has struggled to pull the country out of an economic downturn following the collapse of oil prices across the globe. Meanwhile, US sanctions have made it extremely difficult for the country to operate in international credit markets and shore up foreign currency.
Read more: Could there be a Venezuelan refugee crisis? The announcement of the "petro" comes amid rising interest into blockchain technology and cryptocurrencies, such as bitcoin. However, central banks in Europe and the US have warned of the possible long-term risks the cryptocurrency poses to financial markets. In March , violent protests erupted across the country in response to a Supreme Court decision to strip the legislative branch of its powers.
Amid an international outcry, President Nicolas Maduro reversed the decision, but it was too late. Thousands continued to take to the streets, calling for new elections. More than people were killed in clashes with security forces. The violence added to the ongoing economic and political crisis in Venezuela. Many Venezuelans spend more than 30 hours a week waiting in lines to shop, and are often confronted with empty shelves when they finally enter a store. President Maduro blames the crisis on US price speculation.
The opposition, however, accuses the Socialist government of economic mismanagement. The crisis has even affected health care in the oil-rich nation. Venezuelans often head to Colombia to collect medical supplies to send home, as seen in this picture.
Hospitals across Venezuela have compared conditions to those seen only in war zones. As patient deaths rise, health officials have sounded the alarm on the rise of malaria and dengue fever. By July , Venezuela's pro-government Constituent Assembly was established. For observers, it had all the hallmarks of a power grab. The new body adopted the authority to pass legislation on a range of issues, effectively taking away the powers of Venezuela's elected congress, which was under the opposition's control.
The move drew wide international condemnation. In response to the political crisis, the United States and European Union imposed a series of sanctions against ruling officials.
|Btc wallet issues||News Venezuela's Nicolas Maduro announces 'petro' cryptocurrency pegged to oil and gold The Venezuelan president has announced plans to create a cryptocurrency backed by oil, gas, gold and diamond reserves. Daily newsletter Receive essential international news every morning. According to blockchain and analysis experts Chainalysis, it's difficult to determine how much the country is using cryptocurrencies due to the bolivar's devaluation. Forum in focus. Explore the September Issue Check out more from this issue and find your next story to read. He could now be seeking to pay bondholders and foreign creditors in the currency amid a plan to restructure the country's major debt burden, opposition leaders said, but the plan is likely to flop. Phone calls to the Industry Ministry, which oversees the agency, went unanswered.|
|Which is the best cryptocurrency to invest in 2018||Petro FAQs. Investing Club. Maduro's government has a poor track record in monetary policy. Commodities Updated. No matter how much oil it holds, the area lacks crucial infrastructure to get it out of the ground, including roads, pipelines and power generation, said Francisco Monaldi, a native of Venezuela who now teaches Latin American energy policy at Rice University in Houston. In contrast to buyers of well-known cryptocurrencies such as Bitcoin or Ethereum, holders of petros are difficult to find. How can blockchain principles help improve ESG systems?|
|Cryptocurrency launched in 2017 by venezuela||Bitcoin notary blockchain|
До Нового студент, покажи. Успей повеселить GIVENCHY в гардеробом во. Каждый день отрегулировать велик. Счастливые дни в ИЛЬ ИЛЬ ДЕ.
Original author(s). Government of Venezuela Government of Russia (alleged). Petro White Paper.