Greetings, friends.
Today I want to write a bit about an issue that has sounded quite lately throughout the world, nothing more and nothing less "the petrocoin" the first cryptocurrency created by a government, as they have publicized.
As it is called wikipedia.org, "The petro is a cryptocurrency or Venezuelan digital currency, based on the technology of the block chain and backed by the reserves of various natural resources of Venezuela such as oil, gold, diamonds and gas, so far, each petro would be backed by a barrel of oil from the Venezuelan crude oil basket.
So far everything is fine, the controversy is created because the natural reserves of a country, in fact our constitution says, can not be ceded in any way, including in the form of guarantees, which indicates that the expansion of said instrument electronic could be a crime.
The National Assembly, however, insists that the system seeks a new issue of debt, outside the regular channels, to evade US sanctions, which could be described as a "crypto-bond".
In recent days, it transpired, through Reuters, that the US Treasury Department demanded "caution" from investors to avoid being penalized. "The information available indicates that, once issued, the digital currency would appear to be an extension of the credit to the Venezuelan government," a Treasury spokesperson told the agency.
Another criticism that rains over the virtual currency is the lack of confidence in the Central Bank of Venezuela, the institution in charge of issuing it, since the country is experiencing one of the worst hyperinflations that has already exceeded an accumulated rate of 1,000% in 2017, together with the high rates of scarcity.
Therefore, even if it is not tangible, it has to be bought and it is already forecasted, the expectation around the Petro increases and it is expected to start operating officially to evaluate the receptivity of the unprecedented currency.
Thank you for reading my note, I hope it has been to your liking.