Decree on Cryptocurrencies Now Approved in Venezuela!

by | Apr 10, 2018 | Cryptocurrency, Cryptocurrency News

ANC | Nicolas Maduro | Petro | Oil Backed Crypto | Venezuela cryptocurrency

The Venezuelan National Constituent Assembly (ANC) has now mandated the use of cryptocurrencies and “Petro” cryptocurrency, which has been very speculated cryptocurrency worldwide ever since its introduction, specially in the United States.

President Maduro introduced Petro with various future prospects for the citizens, both nationally and internationally. Buying properties, building mining farms, buying auto parts, are just to name a few. However, Trump signed an executive order last month where he to cut off Maduro’s funding by imposing a ban on Petro transaction within the States.

The Petro began its initial coin offering (ICO) last month following a pre-sale, during which Maduro claims to have raised roughly $5 billion, but has yet to provide any evidence of doing so. He then announced last week, “In the next few days, I will take stock of the achievement of these 15 days of selling El Petro.”

Now last Friday, Maduro came again in defense of the oil backed cryptocurrency when he announced that ambulances have now been purchased using the Petro. In his speech at the reopening of the pediatric system of Rafael Medina Jiménez hospital in Vargas state, he said

“We have received 30 ambulances that we are delivering in La Guaira, Vargas state, and we have achieved [this] through agreements with companies that we have paid with Petro. Here is the key to the new ambulance that Pariata Hospital will have. It is the first ambulance obtained in Petro, I give it to you.”

Sputnik News made a comment saying,

“According to the document approved by the Constituent Assembly, President Nicolás Maduro will have the power to regulate the issuance, organization, and operation of the Petro. The purpose of the decree is to allow the use and exchange of cryptoassets by natural and legal persons, resident or not, in the territory in order to advance the economic development of the nation.”

Also read : Venezuela To Buy Auto Parts from Russia via PETRO

The ANC which had previously declared the Oil backed cryptocurrency “illegal” has now approved the draft Constituent Decree on Cryptoassets and the Petro which was presented to ANC by Vice President Tareck El Aissami. The Superintendent of Cryptocurrency confirmed

“We are making history with the approval of the Decree on Cryptoassets and the Cryptocurrency El Petro. Nothing can stop the impulse of our country.”

The Vice President believes that this decree is intended to establish the basis for the management of these alternative mechanisms in financial and commercial activities.

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