{"id":25991,"date":"2017-12-05T08:52:24","date_gmt":"2017-12-05T08:52:24","guid":{"rendered":"http:\/\/www.bnreport.com\/venezuelas-maduro-launches-the-petro-an-oil-based-cryptocurrency\/"},"modified":"2017-12-05T08:52:24","modified_gmt":"2017-12-05T08:52:24","slug":"venezuelas-maduro-launches-the-petro-an-oil-based-cryptocurrency","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/venezuelas-maduro-launches-the-petro-an-oil-based-cryptocurrency\/","title":{"rendered":"Venezuela\u2019s Maduro Launches the \u2018Petro,\u2019 an Oil-Based Cryptocurrency"},"content":{"rendered":"

Venezuela\u2019s socialist dictator Nicol\u00e1s Maduro has announced<\/a> the introduction of a new oil-based cryptocurrency to help restore the country\u2019s collapsed economy.<\/h2>\n

In his weekly televised address, Maduro said that \u201cVenezuela will create a cryptocurrency\u201d backed by oil, gas, gold and diamond reserves, that would allow the troubled country \u201cto advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.\u201d<\/p>\n

\u201cThe 21st century has arrived,\u201d Maduro told a group of his supporters and announced the introduction of a \u201cBlockchainObservatory\u201d to analyze the technology behind cryptocurrencies.<\/p>\n

According to the state television network VTV, the move represents<\/a> the \u201cnext step in the technological evolution of humanity, and will allow Venezuela to overcome the bureaucracy of the banks and the dependence on paper money,\u201d yet little detail is available about the project\u2019s implementation.<\/p>\n

Cryptocurrencies have been increasingly important in the past few years as a way of bypassing financial regulations, with the most popular cryptocurrency Bitcoin recently reaching<\/a> record value of over $10,000.<\/p>\n

The plan is likely an effort to reduce pressure on Venezuela\u2019s collapsed economy, with the country recently defaulting<\/a> on its debts of over $120 billion, forcing them to turn to Russia and China for. Some economists have suggested that the regime plan to pay their creditors using petrol.<\/p>\n

The move is also an attempt to push back and potentially bypass economic sanctions imposed<\/a> by the U.S. prohibiting Americans from dealing with the country\u2019s state oil company PDSVA, as well as freezing the personal assets of numerous government officials, leading to accusations from Maduro of the U.S. of waging an \u201ceconomic war\u201d against his regime.<\/p>\n

A cryptocurrency would also help reduce the problem of mass inflation, which has rendered<\/a> Venezuelan currency practically worthless and forced people to carry thousands of banknotes to afford the most basic of products.<\/p>\n

With the largest oil reserves in the world, Venezuela\u2019s economy heavily relies on oil, which represents 95 percent of its total exports, however, profits have fallen<\/a> due to a chronic lack of production and falling oil prices.<\/p>\n

Opposition politicians quickly derided the plan as unrealistic. \u201cIt\u2019s Maduro being a clown. This has no credibility,\u201d opposition lawmaker and economist Angel Alvarado told<\/a> Reuters, while fellow opposition legislator Jose Guerra said he could see \u201cno future\u201d in the use of the currency.<\/p>\n

Maduro made the announcement during his regular Sunday televised broadcast, which also included a five-hour showcase of socialist Christmas songs and dancing.<\/p>\n

Follow Ben Kew on Facebook<\/a>, on Twitter at @ben_kew<\/a>, or email him at bkew@breitbart.com<\/em><\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

[contf] [contfnew] <\/p>\n

Breitbart<\/a><\/h5>\n

[contfnewc] [contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

Venezuela\u2019s socialist dictator Nicol\u00e1s Maduro has announced ..<\/p>\n","protected":false},"author":1,"featured_media":25992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50],"tags":[],"class_list":["post-25991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech"],"yoast_head":"\nVenezuela\u2019s Maduro Launches the \u2018Petro,\u2019 an Oil-Based Cryptocurrency - Business News Report<\/title>\n<meta name=\"description\" content=\"Venezuela\u2019s socialist dictator Nicol\u00e1s Maduro has announced ..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/venezuelas-maduro-launches-the-petro-an-oil-based-cryptocurrency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Venezuela\u2019s Maduro Launches the \u2018Petro,\u2019 an Oil-Based Cryptocurrency - 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