Maduro ordered the issuance of 100 million Petro, an encrypted currency backed by the value of oil reserves

nBankruptcy comment: Venezuelan President Maduro created the technology and currency regulation after the country’s currency petro was issued. Recent details of petro excavation and other issues. He ordered the issuance of 100 million petro this month, calling for the organization of the first national conference of the petro miner and a white paper on the new currency will be announced at the meeting. The argument that these currencies will be backed by domestic oil reserves has been opposed on the ground of domestic laws relating to oil reserves. At present, we can not confirm the legal status of petro in China.n
nTranslation: Annie_Xun
Venezuelan President Maduro ordered the issuance of the national cryptocurrency for the first time and called for the organization of the first national conference of the petro miner and a white paper on new currencies will be announced at the meeting.n
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One hundred million Petron
Venezuelan President Maduro ordered the issuance of the first national digital currency petro on Friday.n
n”I have already ordered the release of 100 million petro funds backed by national wealth, and each petro will receive the value of a barrel of Venezuelan oil.”n
nEl Nuevo Herald reports that the issuance of these currencies “will be done by the virtual trading floor currently under test.”n
In addition, the government agency responsible for petro will attend the first national conference of petro miner on January 14th. By then, the new currency will be officially introduced and a white paper will be released.n
n”I call for the first national conference of petro miners, the date is next January 14.”n
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Petro will really get the oil reserve support it?n
Maduro first mentioned in early December the creation of a national currency in Venezuela. The following week he formed the Superintendency of cryptocurrencies and the Blockchain Observatory to monitor the new digital currency issuance and operation.n
Shortly thereafter, he issued an official bulletin detailing petro mining, trading and distribution. He also said it has allocated more than 5 billion barrels of crude oil to support the currency. In addition, he also set up a registration platform for domestic legal citizens can register and participate in petro mining. Registration is open until January 21.n

Jose Guerran
However, some people doubt Maduro’s plan. Jose Guerra, head of the parliamentary finance committee and opposition lawmaker, believes Maduro’s cryptocurrency is not legal. In an interview with Abc Internacional, he said:n
n”The issue of this cryptocurrency can not be guaranteed by oil reserves, and Organic Hydrocarbon in Venezuela stipulates that oil reserves can not be used, meaning that abundant underground oil can not be used to guarantee any commercial or financial operation.”n

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