Venezuelan President Urges 10 Different Countries To Adopt’s His Oil Backed Cryptocurrency – Petro

Venezuelan President Calls Out To Alba Nations For Supporting And Adopting His Oil Backed Petro

Nicolas Maduro the president of Venezuela has called out 10 countries across the globe to walk in his footsteps of adopting Petro, the oil-backed cryptocurrency. This move closely followed the stand taken by the country’s parliament which has declared this nascent form of crypto as illegal. The meeting of Bolivarian Alliance for the Peoples of Our America – Treaty of Commerce of the Peoples (Alba – TCP) was conducted by Maduro on Friday. Alba nations consist of Bolivia, Antigua and Barbuda, Dominica, Cuba, Nicaragua, Ecuador, Saint Vincent and the Grenadines, Saint Lucia, Grenada, Saint Kitts and Nevis and Venezuela.

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Prensa Latina reported that during the meeting, “Maduro called on the countries of the Alba to assume together the creation of the cryptocurrency, the petro.” Efecto Cocuyo quoted him saying that, “I call on us to assume the petro as an integration currency of our peoples,” adding that it is “imperative” to come up with a proposal having “maximum priority.” El Comercio published Maduro’s viewpoint which stated that, “I put on the table, brother governments of the ALBA, the proposal of the cryptocurrency, the petro, so that we assume it as one of the projects of the integration of the 21st century in a bold way, but also in a creative way.”

Petro, the national crypto of Venezuela has been subject to major controversy since the time of its early December announcement. President Nicolas Maduro ordered issuance of the first 100 million petro along with organizing of a meeting of miners after assigning more than 5 billion barrels of crude oil for backing the new currency. Superintendent of Cryptocurrencies Carlos Vargas made the announcement of the launch of pre-mined petro in 6 weeks. But just one day prior to the Vargas’ announcement, the cryptocurrency was declared illegal by the Venezuelan Constituent National Assembly. Parliamentarians had unanimously voted for “absolute nullity on the issuance of the petro cryptocurrency.”

A workshop was recently conveyed by the Central Bank of Venezuela with the name of “The role of Venezuelan youth in disruptive technologies.” Pedro Infante, the Minister for Youth and Sports revealed on Friday that the youth segment of Venezuela shall propose to the Assembly “to create a special commission that will be in charge of debating the proposals presented by the various sectors, to carry out the financial system of the cryptocurrency Petro.” The Ministry of Communications website further elaborated on the topic by stating in its website that, “We are proposing that the ANC [Constituent National Assembly] has to set up a special commission to deal with the cryptocurrency issue. Appoint a commission with groups of experts to constantly debate to see what legislation is needed.”

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