The Petro will contribute to the economic relaunch of Venezuela.
Petro cryptocurrency, backed by the nation’s energy and mineral reserves, will contribute to the process of recovery and economic recovery of Venezuela during 2018. Venezuelan President Nicolás Maduro assured that “It is a giant step that will greatly help the process of recovery and economic re-launch of Venezuela in 2018; I have absolute security “, referring to the virtual exchange currency that offers greater dynamism and security to the public when managing all financial operations.
The Petro has as institutional, political and legal basis the Observatory of the Blockchain in Venezuela, which is integrated by a multidisciplinary team of specialists in the areas of technology, economy and finance, legal, monetary and media and works as an institution attached to the Ministry of Popular Power for University Education, Science and Technology.
The implementation of the Petro puts Venezuela ahead of the different cryptocurrencies in the world, being the first backed by the reserves of oil, gas, gold, diamonds and other natural minerals of a country, said AVN.
On December 27, Maduro signed the decree declaring as material support of Petro the field number 1 of the Ayacucho Block of the Orinoco Oil Belt, a space that holds 5,342 million barrels of crude, whose value is 267,000 million Dollars.
The sovereign bolivar (BsS) is anchored to the Petro therefore it ceded its capacity as a currency before the cryptocurrency and only works as a means of commercial exchange in Venezuela. The Petro is being sold in 300 authorized exchange houses, and is worth the same as a barrel of oil ($ 60), however that is a floor price since the cryptocurrency will be governed by the demand in the currency market, not the Petroleum.
As part of the anchoring to Petro, President Nicolás Maduro explained that the Venezuelan cryptocurrency will have a value of 3,600 Sovereign Bolivars. In this regard, he stressed that the objective is to set the Petro as a national international conversion model, which means that it will become a reference for the movement of the economy and the modification of the minimum wage.
Economist Tony Boza, host of the Boza con Valdez program, has pointed out that “The anchoring of the new monetary scheme of Venezuela, sovereign bolivar, to the petro cryptocurrency as of August 20 will prevent sectors of power from devaluing their value to obtain benefits and attack to the Government with the argument of the parallel dollar, “the anchoring prevents economic actors from manipulating the value of the currency with respect to other currencies simply by private interest, and that does not need to be a prosecutor over for it to work”
Emilio Hernández, a professor at the Simón Bolívar University, said that President Nicolás Maduro’s proposal to anchor the bolivar to the petroleum has all the characteristics of becoming the turning point in the rebounding state of the Venezuelan economy.
National Press Conference Pres. Maduro 08-17-2018 7:00 PM
- Initial Anchor Base 1 $ = Bs.F 6,000,000.00 / 1 Petro = 60 US $ = 3,600.00 Bs.S.
- Minimum Salary Obligatorio Medio Petro 1,800 Bs.S. = 180,000,000.00 Bs. From before
- Reconversion Bonus of 600 Bs.S. = 60,000,000.00 Bs. From before
- New price system anchored to Petro
It is expected then that Venezuela can overcome the economic problems and that the Petro becomes the cryptoactive that helps to recover the economy of this country.
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.