Venezuela to launch cryptocurrency to fight Trump sanctions

Venezuela to launch 'Petro' cryptocurrency to fight Trump's 'financial blockade'

Maduro, who took office in 2013 and has presided over the aggravation of the socio-economic crisis, said that the cryptocurrency would help the country overcome the financial "blockade", according to a statement published on the government's official website.

However, other than that the President offered very few details. Per the Venezuelan leader the petro will help Venezuela overcome the country's financial "blockade". However, opposition leaders in Venezuela aren't convinced it'll solve the country's problems, as they say the petro needs congressional approval, and some have cast doubt on whether it will ever see the light of day, taking into account the country's situation. The real currency, the bolivar, is in freefall, and the country is sorely lacking in basic needs like food and medicine.

Maduro's pivot away from the USA dollar comes at a time in which bitcoin's popularity surges as it reached a new all-time high above $11,800.

Maduro announced the new cryptocurrency known as "petro" on his weekly national TV program Sundays with Maduro.

Support pours in as San Marcos community processes killing of beloved officer
A Hays County SWAT team assisted the San Marcos Police Department during the standoff with the suspect, officials stated. He worked just about every day off to provide for his kids and because he knows we're shorthanded and we need the help.

The announcement came as a surprise to some of the followers of cryptocurrencies, as conventional cryptocurrencies are not backed by governments or central banks. The currency has lost 96% of its value this year.

Excessive money printing and state currency controls have contributed to a 57 percent depreciation of the bolivar against the American dollar in the last month in black markets, according to Reuters. As a result, the minimum wage per month has dropped to a meager $4.30.

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.

The leader might be looking to make payments to foreign creditors and bondholders in the cryptocurrency in an attempt to streamline the significant debt burden of the country, say opposition leaders. "This has no credibility", said opposition lawmaker and economist Angel Alvarado. On Sunday he said Venezuela was facing a financial "world war".

Related News:



Most liked

Kim Kardashian Reignites Taylor Swift Feud with NSFW Pic & Fans Are MAD
After the makeup mogul posted the photo, Swift's fans immediately began swarming the comments section with rat emojis. The singer's loyal supporters have apparently trolled her rival Kim Kardashian with a slew of non-stop rat emojis.

Kevin Durant comments on his ejection after altercation with DeMarcus Cousins
Curry finished with 31 points, hitting five triples, and 11 assists for the Warriors (19-6), winners of four straight games. The Warriors were given three more technical fouls on Monday in their comeback win over New Orleans.

Gujarat Elections 2017: Cyclone Ockhi pours cold water on poll campaign
He tweeted to inform that he has spoken to all relevant authorities and officials and that all possible assistance is being provided to those affected.

Apple agrees to pay Ireland over $15 billion in back taxes
In August 2016, Vestager said the tax deal struck between Apple and Ireland for the period 2003 to 2014 was illegal state aid . According to a top Irish official, Apple has agreed to to pay Ireland around $15.4 billion in back taxes.

Lacking Florida teen discovered secure in NY
ABC News reports the Columbia County Sheriff's Office said Rodriguez had family in Canada and possibly Pennsylvania. According to an online roster , published by Next College Student Athlete, Frisina played soccer at the school.

Barack Obama Has More Twitter Followers Than Trump And He Knows It
Obama was more direct in criticising Trump's threat to leave the 2015 Paris climate accord on slashing global carbon emissions. Barack Obama called for more women to be put in positions of power "because men seem to be having some problems these days ".

Supreme Court leaves in place Texas ruling questioning gay spousal benefits
That led the 14th Court of Appeals to allow the same-sex spousal benefits, under the argument that Obergefell had settled it. Something troubling just happened at the U.S.

Jimbo Fisher's vision, process find flawless fit at Texas A&M
It was a tremendous place. "Today, I stand you with proof that Texas A&M is an opportunity for greatness", Woodward said. However, that night we didn't exactly get an introductory shot of Courtney. "We've got to get caught up in that area".

Antonio Conte sends message to Chelsea board over contracts for key duo
In that moment you are at the top otherwise you are a great player, but only a great player". He can play as a second striker, he can play as number 10 when we change to 3-4-3.

Jimmy Smith Suspended Four Games Under NFL's PED Policy
The Ravens are expected to place Smith on injured reserve this week. The Ravens (7-5) now occupy the AFC's second wild card spot. The two teams meet on Sunday in a crunch divisional clash.

Here's where to find free cookies and deals on National Cookie Day
At participating locations , each customer will receive a free chocolate chip cookie on National Cookie Day, no purchase required. Insomnia Cookies: Buy anything on Monday and you'll get a free traditional cookie thrown in at participating locations .

Google Is Clamping Down On App Data Collection
Apps can also be submitted for manual review if a developer feels their use of data collection falls within the guidelines. The company did not say whether the new policy of privacy violation warnings will apply to its own software as well.

TIME 'Person of the Year' Finalists Announced
This movement prompted millions of women to speak out about sexual assault and sexual harassment that they had experienced. Time also named the Dreamers - young adults whose legal status in the United States was put in limbo this year.

Two terrorists, army soldier killed in Kashmir encounter
Director General of Police (DGP) S P Vaid said that the bodies of two militants were recovered from the site of gunfight. The troops killed the youth during a cordon and search operation (CASO), in Bonigam area of the district.

Horse race bet with William Hill
How to place a bet To place your wager/bet, all you need is to provide the appropriate information to the ticket writer. Simply you just have to pay £1horse bet and you can easily watch the live horse racing broadcast on your device.