[2018-01-07] President Maduro: Venezuela to Issue First 100 Million Petros

[cybersofts]

President Maduro: Venezuela to Issue First 100 Million Petros



Venezuelan President Maduro has ordered the issuance of the first 100 mln Petros, an oil-backed national cryptocurrency. He also indicated that each Petro would have the value of a single barrel of oil. He said:

    “I’ve ordered the issue of 100 million Petros, based on national wealth. Each Petro will have the value of a barrel of Venezuela’s oil.”

The first national meeting of Petro miners will occur on January 14, along with the publication of the whitepaper. The announcement is in line with the previous statements from Maduro that the country would issue an oil-backed cryptocurrency.

The country’s massive hyperinflation problems have led to widespread lack of trust in the national currency, the Bolivar. This has caused much of the population with access to appropriate technology to pursue Bitcoin as a means of stable transactions - called ‘Bitcoinization’ by some economists.

Other countries including Zimbabwe have also seen widespread Bitcoin adoption in the face of financial instability.


Source: https://cointelegraph.com/news/president-maduro-venezuela-to-issue-first-100-million-petros

[aso118]

While a lot of governments have talked about issuing crypto currencies, Venezuela is the first off the blocks. Even though the government may claim it is backed by oil, I don't see it taking off. When people don't trust your fiat paper currency, why should they trust fiat cryptocurrency?

[Ozero]

In order to develop and introduce the crypto currency into the economy of different countries, we need practice from various combinations of its existence, including its existence as a centralized national crypto currency. Moreover, in Venezuela its petros will be supported by the oil of this country. Due to the fact that this coin will be provided with oil, it is possible that it will have a good circulation outside of this country.

[BitHodler]

While a lot of governments have talked about issuing crypto currencies, Venezuela is the first off the blocks. Even though the government may claim it is backed by oil, I don't see it taking off. When people don't trust your fiat paper currency, why should they trust fiat cryptocurrency?

Everything issued by the same rotten and corrupt government will always end up going down the same way. It's clear that people there need something that's not tied go the government at all.

While I would love to see them use Bitcoin on a massive scale, we can't ignore its current limitations, and for that reason I hope that in the meanwhile they adopt local currencies as have been set up already.

I am not sure how safe these local currencies are since they might be subject to counterfeit rather easily, but it seems pretty functional in parts where people have agreed to adopt it, which is somewhat nice.

No one should ever rely on something the Venezuelan government comes up with.

[Snail2]

Premined scam coin . Anyway I haven't seen the ANN topic here in the Altcoin section...

[Variogam]

    I’ve ordered the issue of 100 million Petros

It made me a nice smile, this is how Ripple scam works. 100% premined where one entity issue new coins. No thanks, im not interested in centrally issued cryptocurrencies.

[J. Cooper]

While a lot of governments have talked about issuing crypto currencies, Venezuela is the first off the blocks. Even though the government may claim it is backed by oil, I don't see it taking off. When people don't trust your fiat paper currency, why should they trust fiat cryptocurrency?

They had to do something right? But I feel like they're abusing the name of cryptocurrency for their pre-mined scam coin. There is no reason why you should trust this cryptocurrency over the regular fiat. It's not decentralized at all, the president just issued  a 100  million of these coins. Nothing is stopping him from doing it again in the future.