Venezuela Approves Decree on the Use of Cryptocurrencies

[Nathan Goodwin]

Venezuela’s National Constituent Assembly has approved the decree on the use of cryptocurrencies and the country’s new “oil-backed” currency, after repeatedly declaring the Petro illegal. The new currency began its initial coin offering last month as the Venezuelan president continues to strongly push its use.
 
                                                                                    Decree on Cryptocurrencies Approved

The Venezuelan National Constituent Assembly (ANC) has approved the draft Constituent Decree on Cryptoassets and the Petro, the country’s government announced last week. The decree was presented to the 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.

According to the vice president’s announcement, “this decree is intended to establish the basis for the management of these alternative mechanisms in financial and commercial activities.”
Sputnik News elaborated, “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,” adding that:
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.
The decree would enter into force once it is published in the National Gazette, according to Cripto Noticias. It “consists of 12 articles in which the legal basis for the launch of [the] Petro and the use of cryptoassets in the Venezuelan national territory are defined, in the same way that the use [of these assets] is guaranteed,” the news outlet detailed.

The ANC has previously declared the Petro illegal and in violation of the country’s constitution. “The Adeco-bourgeois assembly took out a resolution to prevent Venezuela from having the Petro,” President Maduro expressed after the decree was passed, adding that “the Petro belongs to the Venezuelan people.”

                                                                         Integrating the Petro into Venezuela’s Economy

The Petro supposedly 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.”

The Venezuelan government under Maduro’s command has been actively promoting the use of the Petro. On Friday, the Superintendency of Cryptocurrency explained the guidelines for using the new currency to representatives of more than 100 shipping agencies in the country.

In addition, Maduro announced on Friday that ambulances have now been purchased using the Petro. During 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.

What do you think of Venezuela approving the decree on the use of cryptocurrencies? Let us know in the comments section below.

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[markj113]

Venezuela doesn't give a crap about crypto, it's just desperation trying to save their failing ass.

[meisha]

Maybe a good idea for them seeing there currency has entirely collapsed almost. People jump on buses in neighbouring countries and try and swap you handfulls of it for stuff. Crypto may be able to really help there as there national currency is too unreliable right now. I still wouldn't buy into that petro ico though because the risks of corruption and loss of your funds is too high.

[Baimovic]

a good regulation for maintaining crypto world existence, especially petro which is a venezuela cryptocurrency that is backed by commodities including 5 billion barrels of oil, diamonds, and gold.

petro has a unit price of $ 60, the total distribution to be sold to the public is 44 million petro from inventories of 100 million petro, and petro is considered as a solution to get out of the economic crisis of Venezuela. and the result is very significant, in one day sold 10 trillion.

and I think, another country that has not received crypto, must learn from Venezuela.

[NewBet]

Well I really am not surprised that venezuela approved it, just a simple google search will show you how their currency and economy are failing and they are trying every available means to try and save it. The thing is, accepting cryptocurrencies might actually be good for them since their currrency now is very weak and it could help the economy.

[markj113]

a good regulation for maintaining crypto world existence, especially petro which is a venezuela cryptocurrency that is backed by commodities including 5 billion barrels of oil, diamonds, and gold.

petro has a unit price of $ 60, the total distribution to be sold to the public is 44 million petro from inventories of 100 million petro, and petro is considered as a solution to get out of the economic crisis of Venezuela. and the result is very significant, in one day sold 10 trillion.

and I think, another country that has not received crypto, must learn from Venezuela.

If all those available resources failed to secure their fiat currency why do you think they will succeed in propping up a crypto they release?

[aqrulesms]

If I were you I would not invest into petro ICO since these days it is highely likely  to experience the risk of not getting any profit at all.

[Jonsnowstark]

Well i don't the venezuela or maduro has any interest in cryptocurrency. He is only alllowing crypto or making a decree on crypto in order to sell his el petro. And who know this el petro is all a manipulation. We can never really tell if this is a legit crypto currency. But i believe maduro will do everything in his power to promote his el petro and to make money out from this move.

[Red-Apple]

Well i don't the venezuela or maduro has any interest in cryptocurrency. He is only alllowing crypto or making a decree on crypto in order to sell his el petro. And who know this el petro is all a manipulation. We can never really tell if this is a legit crypto currency. But i believe maduro will do everything in his power to promote his el petro and to make money out from this move.

i don't think you are right, but it doesn't matter because the only important thing is the result of their actions. and because of what they have been doing in the past months their country is growing in the cryptocurrency world and the adoption of bitcoin is also growing over there. and we all know that eventually the only decentralized currencies matter and the most important of all is bitcoin.

[BitcSeo]

It will encourage/attract foreign investor's .Especially those who hates to pay tax However, i don't think the source of such article are verifiable. The fact they such article's and press release bump up on google does not make them verifiable.


Thanks

[aqrulesms]

If the fiat currency was not properly secured even when so many resources were used then why would we expect them to be successful at releasing their cryptocurrencies?

[ETHtotheMOON1]

Venezuela’s National Constituent Assembly has approved the decree on the use of cryptocurrencies and the country’s new “oil-backed” currency, after repeatedly declaring the Petro illegal. The new currency began its initial coin offering last month as the Venezuelan president continues to strongly push its use.
 
                                                                                    Decree on Cryptocurrencies Approved

The Venezuelan National Constituent Assembly (ANC) has approved the draft Constituent Decree on Cryptoassets and the Petro, the country’s government announced last week. The decree was presented to the 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.

According to the vice president’s announcement, “this decree is intended to establish the basis for the management of these alternative mechanisms in financial and commercial activities.”
Sputnik News elaborated, “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,” adding that:
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.
The decree would enter into force once it is published in the National Gazette, according to Cripto Noticias. It “consists of 12 articles in which the legal basis for the launch of [the] Petro and the use of cryptoassets in the Venezuelan national territory are defined, in the same way that the use [of these assets] is guaranteed,” the news outlet detailed.

The ANC has previously declared the Petro illegal and in violation of the country’s constitution. “The Adeco-bourgeois assembly took out a resolution to prevent Venezuela from having the Petro,” President Maduro expressed after the decree was passed, adding that “the Petro belongs to the Venezuelan people.”

                                                                         Integrating the Petro into Venezuela’s Economy

The Petro supposedly 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.”

The Venezuelan government under Maduro’s command has been actively promoting the use of the Petro. On Friday, the Superintendency of Cryptocurrency explained the guidelines for using the new currency to representatives of more than 100 shipping agencies in the country.

In addition, Maduro announced on Friday that ambulances have now been purchased using the Petro. During 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.

What do you think of Venezuela approving the decree on the use of cryptocurrencies? Let us know in the comments section below.

I'm really puzzled to see Venezuela using crypto obviously just for the gains of few people in charge there, while it will probably not affect ordinary people who need it the most. I don't think we should support venezuela by any means while the dictators misleading people are the ones really reaping the benefits..

[Siren]

Venezuela doesn't give a crap about crypto, it's just desperation trying to save their failing ass.

dont be so rude about venezuelan government,if you are on their shoes the same thing for sure you'll gonna do or much wiser than them,its not easy to have a falling economics and maybe whole country but the are doing the best to save the last.

Yea youre right its desperation and considering that they are using cryptocurrency as a main source of living to save them,then lets respect their stands as long as they are not doing anything illegal about matters

[aqrulesms]

The fact that the legalization of this crypto currency may positively affect the current economy because their local currency is pretty weak and some measures havw to be taken to fix the situation.

[rudox]

This news is a welcome one. The news surely will make more positive noise about crypto leading to more inquiring about crypto and its usage which will in turn  broaden the adoption ans usage.

[MrAntonius]

Great news!!! With each week, new States will take steps to settle the cryptocurrency. But not the fact that it will be in favor of citizens...