Venezuela’s parliament declared oil-encrypted currency illegal

nBankruptcy comment: Venezuela’s parliament announced on Tuesday that the country’s upcoming oil-based cryptocurrencies – petrol coins is not legitimate, the parliament voted unanimously approved the “absolutely obsolete issue of cryptocurrencies” resolution. It is noteworthy, however, that Maduro has plunged into fierce battles since the loss of control of Congress by Maddox’s political parties in 2016, and that Maduro has more than once disregarded the resolutions of the legislature. After the resolution was announced, Maduro called on the people to actively oppose the Congress’s decision to declare illegal petroleum coins. This year Maduro will also participate in the presidential election for reelection.n
nTranslation: Clovern
The Venezuelan parliament declared oil coins illegaln
Venezuela’s parliament announced on Tuesday that the forthcoming oil-based cryptocurrency, the country’s currency, is not legal. The newspaper El Universal reported that the Venezuelan parliament voted unanimously to “pass the absolute nullity of issuance of the cryptocurrency” resolution, quoting councilor Carlos Valero as saying:n
n”Congress has shown the world that it is illegal for the government to issue cryptocurrencies and that the parliament will stand up to prevent public opinion from falling into the trap of petrol money.”n
nCongressman Williams D├ívila added that lawmakers publicly blame the coins and that the government simply wants to “sidestep the financial sanctions but blatantly violate the constitution and legitimize illegal trade.”n
Oil coins stillbornn
As reports, Venezuelan President Maduro first announced in early December the plan to create a national currency in Venezuela. Since then, he has allocated 5 billion barrels of crude oil to support the new currency and provide protection for the currency miner. Last Friday, he further ordered the issue of 100 million petrol coins and promised to release a white paper on January 14. Reuters reported that according to Maduro’s plan, “the price of petro-coin initially will be linked to Venezuela’s export value of a group of oil and fuel, the last week’s closing price of 59.07 US dollars.”n
However, legislators warned investors that even when the new currency was successfully issued, those currencies would lapse when Maduro was not in power. This year Maduro will run for president again.n
In addition, some people questioned whether the coin is a genuine cryptocurrency. Reuters quoted Venezuelan legislator Jorge Millan as saying:n
n”This is not a cryptocurrency, which is the pre-sale of Venezuelan oil, which is tailored for corruption.”n
nAccording to a report by Prensa Latina, Maduro “called on the people to actively oppose” a parliamentary resolution announcing the illegitimate currency after the parliament declared illegitimate.n
According to a Reuters report, “Maduro has often ignored the legislature’s resolutions since his party loses control of the country’s parliament in 2016.”n

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