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The member of Venezuela’s National Constituent Assembly, Mr. Hermann Escarra, had informed in an interview with Reuters, in the past, about the assembly’s ideas for cryptocurrencies.
He also hinted that “the National Constituent Assembly of Venezuela…is preparing a reform to the Constitution that would include a central bank for crypto-assets and a superior court to the Supreme Court of Justice.”
However, there were quite a few speculations about the very existence of such crypto-asset. While the digital currency named “the petro” has already been unveiled by the Venezuelan government in the beginning of this year that is said to be a cryptocurrency backed by the oil reserves in the region.
Venezuela’s President Nicolas Maduro has now reaffirmed the official launch of the Petro cryptocurrency. The government further adds by stating, the payment for travel passports would now be done through ‘Petro’.
While the Petro public salecommences on November 5th, 2018, more than eight months after its presale in February 2018. For President Maduro, the state-issued cryptocurrency is a vital part of his administration’s economic recovery plan.
On the flip side, Alex Tapscott of the Blockchain Research Institute notes that none of the government’s claims about the cryptocurrency stands up to the information available in the industry, as per the sources of BBC. Tapscott has commentedin addition, that the government authorities say each unit of the petro is backed by oil, but we have no proof at all. There is very little technical information about it.
Venezuelan president, Nikolas Maduro had clarified that the government would back each petro with an actual barrel of Venezuelan oil in order to allure credible investors.
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