Petro is the only digital currency backed by more than 5 billion barrels of oil, from the certified reserve of field number 1 of the Orinoco Oil Belt. In this way, Venezuelan Foreign Minister Jorge Arreaza announced that “Petro will be used to purchase supplies and medicines in Venezuela.”
In the intensification of the commercial exchanges with the Islamic Republic of Iran, Belarus, India and Russia in strategic matters of the economy, it was detailed that the health sector will have special financing in cryptocurrencies, where the Venezuelan petro will have special participation.
At the same time, Governor Omar Prieto announced the creation of 3 cryptocurrency mining farms in Zulia with the aim of moving towards a liberation economy, the Regional President indicated that Zulia will have 9 thousand machines located in Maracaibo, San Francisco and Cabimas for the cryptocurrency mining with the participation of private companies.
The facilities of the mining farms will maintain a sustainable system with 3 power plants of 1500 Kva to avoid the consumption of electricity coming from the urban system. In addition, part of its profitability will be invested in continuing to stabilize the electric distribution in the state.
In the same order of ideas, Carlos Vargas, superintendent of Cryptoactives and Related Venezuelan Activities, reported that a team composed of representatives of the Embassy of the People’s Republic of China and the Superintendency met at the headquarters of the governing body of the cryptoactive to strengthen El Petro. “Today we had a meeting with representatives of the Embassy of the People’s Republic of China, from the Superintendence of Cryptoactives @ SupupiptoVe, we seek to strengthen everything related to El Petro,” he said in his Twitter account, @SupCarlosV.
In this sense, China is one of the 133 countries that have expressed their intention to invest in Petro, the Venezuelan criptromoneda, which has received 200 thousand 927 offers of purchase intention, for an initial amount of 5,025,181,787.54 dollars.
In this sense, the Chinese credit rating agency Dagong International Credit Rating Group considered that Petro breaks with the virtuality and lack of credit fundamentals in digital currencies and supports the credit on oil, natural gas and gold.
It should be considered that, once the Initial Coin Offering (ICO) phase, which consists of the private and public sale through the virtual exchange houses, the Venezuelan people will be able to buy the Petro with bolivars, as well as like other cryptoactives, informed the constituent Ricardo Sánchez in the Punto de Encuentro program broadcast by Venezolana de Televisión. He argued that with the incorporation of this virtual currency and Blockchain technology (“block chains”), “Venezuela is building a new cryptoeconomy, a model that has transparency and commercial and financial operations as its element”.
He also maintained that “the incorporation of companies such as Petróleos de Venezuela S.A. (PDVSA), the Corporación Venezolana de Guayana (CVG) and other large strategic industries of the State in the use of Petro, positively impact on the value of this digital financial tool “. In addition, he stressed that “the use of tools such as P2P, virtual wallets and other disruptive technologies opens the possibility for the country to jump the fence imposed by the international financial system.”
On the other hand, the State agencies have a period of 120 days (four months) to incorporate the use of cryptoactives in their operating scheme, in accordance with the decree on Criptoactives and the Sovereign Petroleum Cryptocurrency published in the Official Gazette Extraordinary N ° 6,370 dated April 9, 2018.
The Decree, composed of 12 articles, validates the decisions made so far by the Executive regarding the creation of the Superintendence of Cryptocurrency and Related Venezuelan Activities (Sucacven), a treasury of cryptoactives, the registration system of miners and exchange houses , the issuance and use of Petro and its support with the reserves contained in the Ayacucho Block of the Orinoco Oil Belt.
Article 12 of the aforementioned decree “authorizes the affectation of the potential development of 5,342 million normal barrels (MMBN) of heavy and extra-heavy Original Petroleum in Site (POES), located in Block Ayacucho 01, of the Orinoco Oil Belt of Hugo Chávez, for the development of an independent digital economy, transparent and open to the direct participation of citizens “as support for the creation and issuance of the Venezuelan cryptocurrency Petro. In the same executive decree, the Venezuelan government endorses the emission of 100 million Petros (PTR).
Likewise, Decree No. 3,353, which authorizes the creation of a State Company, under the form of a limited company, which is denominated Treasury of Criptoactivos de Venezuela, SA, with legal personality and its own assets, different from Independent of the National Treasury, attached to the Vice Presidency of the Bolivarian Republic of Venezuela, in such a way that the Cryptoactive Treasury will be in charge of all the activities inherent to the perception of income, transfers, making payments, investments, administration of funds, management of cryptoactives and negotiable instruments designed to sustain their value, issuance and management of the infrastructure and information system of cryptoactives, digitally monitor the compliance of virtual contracts that have to be managed in the Blockchain, incentivize the promotion of financial equilibrium through the placement of the criptoactives in the merc ado “, among other aspects.
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