Bitcoin Forum

The National Assembly of Venezuela declared the state crypto currency El Petro illegal.
Officials called the project fraud and expressed indignation with the statements of the president of the country that companies and pension funds will be required to accept crypto currency after its release.
Recall, in February, Venezuelan President Nicholas Maduro said that his country collected $ 735 million on the first day of private presale of the national crypto currency El Petro.

Let's see how Maduro comes back and reacts to this. I think that given the nature of the politics in Venezuela lawmakers are going to have a hard time doing anything about it, the country operates as a dictatorship. It's bold of them to make such a ruling but I wouldn't be surprised if they all wind up unemployed in the coming days.

Lol they're weird. I don't understand why the officials are against? This ico is a great way to raise capital to the state treasury.

I just read the news. First of all, Petro was not really a cryptocurrency. Petro's connection to the government goes against the whole idea of cryptocurrency. It was just a digital security token backed by oil reserves. Everything from mining to price was controlled by government. This was needed.

There will be many changes that will happen.  the decision can not change because the president gives the outhority.

I see that Venezuela has a critical situation with its national crypto currency El Petri. It is already released and sold, and the National Assembly declared it illegal. This is a conflict between lawmakers and the president. To back up, in my opinion, it's too late. I see that there are some problems with national crypto-currencies everywhere. Meanwhile, we need experience with national crypto-currencies in order to fully understand the nature of the crypto currency. I hope that the crisis of power in Venezuela will be resolved and Al-Petro will start working.

After announcing the creation of the new Venezuelan cryptocurrency the creation of the blockchain observatory was announced. Which is nothing more than a measure for the census, knowing and controlling people who operate with cryptocurrencies in the country, the main characteristic of a communist government where they control the totality of what the citizen does.

IMHO all speculation on the words "crypto", "blockchain" and "bitcoin" must be stopped immediately. I'm trying to avoid all this scum.

What about this is speculation and where is there a mention of those terms?

This is something very specific about one coin.

Speculation is also healthy and necessary, FUD (both positive and negative) is the issue.

NIcolas Maduro well done! He understand, that slavery of dollar, will lead his country into the abyss. He's looking for any way to avoid this.
If his begin sell oil for Petro, that his cryptocurrency have good future.

Yes, there may be minuses in this system. But all the same this is the first step in the world of crypto-currency.

It's not just that there are minuses. When crypto is adopted by a sensibly ran country and for good reason then that will be great for the whole of crypto but when it's a corruptly run country and then it faces further difficulties like these it's just negative publicity.

That is kind of funny, on one side one institution is declaring the currency illegal, and a the same time the president declaring it a great asset. This country is at the verge of a civil war.

this is already daily stuff for most of the world, shame  :-[

Well, this is really weird. Interesting though who was those investors that bought petro tokens actually in private sale. Country hax crazy fiat deflation so really who they are? :)

Bloody hell, even countries governments are scamming us in the crypto world! These scammers rarely get caught and punished so why not try it brazenly in the open and in full view of the public. Make a new national coin, encourage everyone to buy it, then as an exit scam tell a higher authority to declare it illegal :D

One of Venezuela's two opposition law-making bodies has decided that publishing a national petrochemical cryptocurrency is illegal under national law. Asamblea Nacional, Venezuela, a group of politicians disputing with President Nicolas Maduro and his policies, declared their belief in petro-cryptocurrency sense.
Using harsh rhetoric that denounces the project is not just a fraud, it is a threat to potential investors.

Ha ha. It is personal cryptocurrency of President Maduro. So many noise around Petro, but I think that Petro has zero potential for investors. I don't see why Perto should cost more than now.

Because in Venezuela bigger problem than just unlegal crypto).
Why somebody gives money for the bankrupt country?

It's really a strange country, the country now faces many problems, offering digital currency for the benefit of their country a lot of, can avoid the regulatory restrictions in the United States and receive money, so I think this is a good measure, isn't it?

Maduro forced those companies to accept petro. That sounds bad to me personally.




Sounds like a horrible thing. it looks like Maduro has owned Venezuela as his own private country. I remember when he was saying all of the crypto related activities can be considered as illegal activity based on the Venezuela regulation. It looks like petro becomes another fail soon.

the goverment of venezuela is crazy and they think it could make their fiat currency stronger. its a breakthrough indeed but i dont think it would work out and venezuela seems have a bad reputation in economic which is fraud goverment and the only resources of that country is only oil which makes this country have a high risk on their income.

I think, his illegal petro el will have no effect and has a huge adverse effect on the growth of crypto.
Nowadays, there are many ico developers who are only concerned with earning money easily and plentiful. compared to the future and technology that could be useful in the future.