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Venezuelan Parliament Terms President's Petro Cryptocurrency Illegal

Venezuelan Parliament Terms President's Petro Cryptocurrency Illegal”

The opposition-controlled National Assembly of Venezuela declared on Tuesday the illegality of Petro, a cryptocurrency created by the government of Nicol?s Maduro, arguing that the cryptocurrency violates Venezuela's Constitution.

While Maduro is recruiting miners for the digital currency, the opposition-led Parliament denounced the cryptocurrency move, called it illegal, and warned potential investors and cryptocurrency market players that the Petro emission is illegal, as is any other obligation by the state of Venezuela backed by oil or other mineral reserves.

According to digital currency experts, Venezuela's inability to manage its economy and the Socialist party's historic lack of respect for private property will deter investors from snapping up petros.

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According to Maduro, each Petro will be worth one barrel of Venezuelan oil and, like all other cryptocurrencies, will be traded electronically independently of any central bank. "It is tailor-made for corruption".

"This Assembly tells the world that the cryptocurrency the government wants to issue is illegal, and this parliament will come out in front to prevent public opinion [from] falling into that trap", Deputy Carlos Valero said (Bitcoin.com quoted from El Universal). The decree through which Maduro created the cryptocurrency was declared null.

The regime hopes the plan will enable it to get hold of hard currency to deal with the country's worsening economic and humanitarian crisis, that has left the government nearly facing a debt burden of around $200 billion while millions of Venezuelans are starving or suffering from serious unattended health problems. It could also help ease the pressure of hyperinflation, which has rendered the country's bolivar currency practically worthless and forced the government to continuously release higher denomination banknotes in order to keep up with price rises.



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