The president of Venezuela announced that he was selling the Petro coin

The president of Venezuela announced that he was selling the Petro coin

Venezuelan President Nicolas Maduro announced that the proposed government currency will go into pre-sale next month.

Tuesday, Maduro signed the white paper. He said an initial sale of the chips would start on February 20th. President Maduro said that plans are being made to use petroleum with the bulletin of millions of Venezuelan citizens.

Maduro also said that mining centers are now being set up within education institutions to produce the currency. Apparently, the idea is a revision to the first draft proposing that petro be premeditated before launch.

In a broadcast on state television, Maduro said that “Petro will have a big impact on the way foreign coins are purchased by the state and how goods and services are needed from around the world . ”

The controversial currency was announced in December last year. The stated goal is to avoid financial penalties.

The opposition congress declared that petro is “illegal” and that it would actually borrow from the country’s oil reserves. So the move would violate laws that specify that the legislature must approve government loans.

It’s not a cryptocurrency, it’s an advance sale of Venezuelan oil,” said legislator Jorge Millan at the time, calling Petro “a customized currency for corruption.

In addition, on January 22, US Senator Marco Rubio and Robert Mendez criticized Venezuela’s launch plans in an open letter to US Treasury Secretary Steven Mnuchin.

The two senators wanted to know what the department would do to prevent the country from using oil to avoid US sanctions.

It is imperative that the US Treasury Department be equipped with tools and mechanisms to combat the use of cryptocurrency to avoid US sanctions in general, and in this particular case,” they wrote.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: