Venezuela avant-garde creating the first cryptoactive “El Petro”, issued by a State.
Currently Bitcoin is considered the genesis of the emergence of unregulated cryptocurrencies. For its part, the Petro will be the promoter of the origin of the cryptocoins Regulated by a State, which will favor maintaining sovereignty over the own and natural resources of each country, avoiding the intervention of foreign external forces. Although Petro is in the pre-sale period, it is predicted that it will become a world reference.
Aspect that is highlighted by the Dagong Global Credit Rating, credit rating agency, which offers rating services for investors in China and internationally, being one of the largest in the Asian giant, published a report detailing, specifically, that the “Petro can help the international monetary system recover its basic value.” The agency stressed the importance of the “Petro being backed by the oil reserves of the Caribbean country, which would give strength against the volatility and market speculation.” “The effort of Venezuela can generate useful and interesting lessons on how the defects of the international monetary system can be corrected so that it can recover its basic value”
In this order of ideas, in the program Encendidos that VTV transmits, the economist, José Manuel Rodríguez, said that El Petro cryptocurrency is an “excellent business to invest” and assured that “the Venezuelan State intends to create a bank to carry out the cryptocurrency transactions ”
It is necessary to note that the portal CoinMarketCap, quoted by Spunik, noted that “the Bitcoin was devalued on Wednesday by 8.85% reaching $ 9,874”, the same source warns that the alternative cryptocurrencies also fell, “ethereum fell by 9% up to $ 745.36; ripple, down 8.44% to $ 0.86; and bitcoin cash 8.56% to $ 1,093. ” In reference to this, Matthew Newton, cryptocurrency analyst, said that one of the possible causes of the new decrease in the value of Bitcoin is “the regulation announced by Japan and the US.”
In turn, he pointed out that another associated cause is the rumor that “Exchange Binance could having been hacked, raising doubts about the security of the fund. ” Which makes it appear that these Unregulated cryptocurrencies depend on a highly volatile and speculative market that causes fluctuations in both the rise and fall of prices? Aspect that does not include the price of Petro which will not be linked to the whims and market speculation, but will be associated with the value of real assets such as gold, gas, diamond and oil.
The price of Petro will be related to the international price of gold, gas, oil and diamonds. So the price of Petro is equivalent to one barrel of oil that is currently traded at $ 60 and additionally, Venezuelans will be able to carry out financial operations with other countries and even among the inhabitants themselves, without having the controls or threats of the United States. You can impose your rules.
In the same sense, it can be pointed out that the launching of the Petro has been a source of inspiration to other countries that try to emulate Venezuela, in this sense, the Ministry of Information and Communications (ICT) of Iran reported through its social networks that the Post Bank (Iranian bank) is working to release its first cryptocurrency. For his part, Turkish Deputy Prime Minister Mehmet Simse reported that the country would also be preparing for the launch of a national cryptocurrency. In turn, in Russia, officials of President Vladimir Putin’s government have thought of a Bitcoin-like cryptocurrency.
In the same vein, Kirill Dmitriev, Director of the Russian Direct Investment Fund, (RDIF, for its acronym in English), said that the group of countries called BRICS could create their own cryptocurrency as an alternative to the US dollar. The group was formed in 2008 by Brazil, Russia, India, China, and, two years later, they were joined by South Africa.
In the same order of ideas, according to Kenneth Kedi, President of the Marshallese Parliament, the Marshall Islands announce the launching of Sovereign (Sovereign) its own cryptocurrency that will function as legal tender. Thus, even when the Petro is in a pre-sale period, starting March 20 the sale begins, before which the president of Venezuela, Nicolás Maduro, announced that “the pre-sale of the cryptocurrency Petro reaches 5,000 million dollars. The purchase offers were made by 127 countries and among these, 3,523 entrepreneurs and 83 thousand natural persons “.
According to the White Paper, 82,400,000 Petros will be sold to the public. The rest will be in the hands of the Venezuelan Superintendence of Cryptocurrency and Related Activities.
In the same way, the Venezuelan State Chief has indicated that the income received from the sale of Petro will allow Venezuela to stabilize international purchases to increase these reserves, which in turn will allow them to have “cash to buy everything they need. country”. Similarly, he stressed “that the Venezuelan private sector may acquire the cryptocurrency Petro through Dicom to be able to make payments for services, make purchases of raw materials, among other transactions.”
In the same order of ideas, the vice president of the Republic, Tareck El Aissami, authorized the Venezuelan bank to register the Petro as part of its assets, because it is part of the Banca y Finanza engine. He said that “with this measure the government seeks the stability of the financial system. Continue more and more strengthening a financial system capable of accompanying development “.
For the reasons given, it can be pointed out in my opinion that Venezuela is at the forefront, having created the first cryptoactive “El Petro” issued by a State, backed by natural resources, which will not be governed by a speculative market, and it is being a source of inspiration for other countries. It is expected that it will be able to reinvigorate the Venezuelan economy and the expectation in its sale is maintained. We will wait for the coming events
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.