Venezuelan opposition parties to boycott 'fraudulent' presidential election

Venezuela Launched A Cryptocurrency

The announcment came as President Nicolas Maduro called snap legislative elections in Venezuela on Wednesday to coincide with the vote.

A Buyer's Manual has been published by the government explaining how the Petro can be bought and stored in the wallet that has been developed for the token.

At the time, the government said the cryptocurrency would solve the country's grave economic problems, largely caused by the policies of Maduro's own government, and his predecessor Hugo Chavez.

In a statement, the group said the April vote was "simply a show by the government to demonstrate a legitimacy it doesn't have amid the agony and suffering of Venezuelans". Strong interest was expected from Turkey, Qatar, Europe and the U.S. when the sale is opened up, according to Venezuela's crypto regulator, Carlos Vargas. Petro punters must consider not only the cost of Venezuelan black gold, but also the credibility of the Maduro government. According to the white paper, it will be on the NEM blockchain platform. The legislature is controlled by the opposition to the socialist Venezuelan government.

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"The Bolivarian Republic of Venezuela guarantees that it will accept PETRO as a form of payment of taxes, fees, contributions and national public services, taking as a reference the price of the barrel of the Venezuelan basket of the previous day with a discount". The U.S. Treasury Department has also suggested the crypto-currency might constitute a loan to the Maduro government, exposing Americans to legal risk.

"Within the framework of policies to strengthen monetary sovereignty and promote welfare by bringing power closer to its citizens, the government of the Bolivarian Republic of Venezuela has chose to embark on an ambitious project for the future, with the vision of turning the country into a blockchain-based solutions development hub for emerging economies", the site noted.

Venezuela formally launched its new oil-backed cryptocurrency on Tuesday in an unconventional bid to haul itself out of a deepening economic crisis.

"The Petro has been created in an innovative manner, using the highest standards in block chain technology and information security, thinking of a future where electronic asset-representations will enable more direct trade as well as government work within the framework of true financial and economic independence". However they may be exchanged for petro tokens proper once the initial coin offering launches.

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