El Petro Presale on February 20
January 31, 2018
Venezuela President Nicolas Maduro declared El Petro national cryptocurrency presale to start on February 20. The measure is supposed to help the government in overcoming economic decline.
Opponents to the currency go negative on El Petro being both illegal and in fact oil-backed governmental bonds meant for partial budget gap make up. As reported earlier, each El Petro token is supposed to be backed by one Venezuelan oil barrel.
As Maduro claimed in the interview, the cost of all world cryptocurrencies has been revaluated after El Petro was announced.
It is to be recalled that Venezuelan national cryptocurrency release triggered stormy discussions inside the country. The government asserts, it is going to use El Petro for inviting stable currency to the economy as in-country bolivar is subject to hyperinflation.
Parliamentary opposition has made a public statement that the currency is substantially illegal and contrary to the law while national authorities actually plan to use it for selling down country’s petroleum reserves amid American sanctions imposed on oil trading in the region.