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-According to what the Venezuelan government defines, it is an "active crypto". able to sell the economic blockade against this country.
Backed by 5 billion barrels of oil from the so-called Orinoco belt.
- Adding that soon the gold, gas and diamond mines of the country is also certified to be sustenance of this cryptocurrency.
-It will have a fixed price of one (1) barrel of oil. (With the Papper White recently issued this changes)
Initially, a regulatory framework (gazette) was created, where the "superintendence of cryptoactives and related Venezuelan activities" was created in order to regulate not only oil but also mining of any other thing. A few days later, a page called the "Blockchain Observatory" was created. -Ve "in which the mining equipment of the whole country must be registered and according to other information given by sources attached to the government, a mining permit will have to be obtained.
Weeks later the registration of the teams has been completed, the superintendent of cryptoactives in Venezuela announces that the initial sale will be only currencies other than bolivar and other cryptocurrencies of course, additionally it can not be mined, the state will be the one who allocates petro, that is to say They leave the Venezuelans outside! Recall that the people of Venezuela is being subjected to an unjust change of control, where the government no longer has any currency and also illegalized the private purchase and sale of foreign currency.
Little by little it will know more than I am in my opinion, it is a perverse system where the members of the government are able to create their own currency, and according to the target, the government has the power to influence the price of this coin.
It will work?
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Extending a multitude of opinions on this issue, although in theory could help the government to circumvent the economic sanctions applied to this country, is a very high risk since the new laws applied by the United States exchanges of this country or those created by your citizens will be able to trade this currency. However, despite this, there is still a good market share on the other side of the world.
Is it profitable to buy petro?
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From my point of view, oil lost the essence of a cryptocurrency, there is no other innovative technology, it can not be mined and it can be used both in the distribution and in the price by the government.
Although it can be quite profitable, if you buy in the pre-sale as it is designed in my opinion to enrich even more, the top positions of the Venezuelan government.