{"id":58194,"date":"2018-01-11T04:05:33","date_gmt":"2018-01-11T04:05:33","guid":{"rendered":"http:\/\/www.bnreport.com\/venezuelan-congress-declares-maduros-petro-cryptocurrency-illegal\/"},"modified":"2018-01-11T04:05:33","modified_gmt":"2018-01-11T04:05:33","slug":"venezuelan-congress-declares-maduros-petro-cryptocurrency-illegal","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/venezuelan-congress-declares-maduros-petro-cryptocurrency-illegal\/","title":{"rendered":"Venezuelan Congress Declares Maduro\u2019s \u2018Petro\u2019 Cryptocurrency Illegal"},"content":{"rendered":"

Venezuela\u2019s democratically elected National Assembly has outlawed<\/a> the use of a national cryptocurrency known as the \u201cpetro\u201d on Tuesday, describing it as an illegal attempt to mortgage the country\u2019s oil reserves.<\/h2>\n

The country\u2019s socialist president Nicol\u00e1s Maduro announced the introduction of a national cryptocurrency last month as a solution to the government\u2019s enormous debt burden<\/a>, declaring that the \u201c21st century has arrived\u201d in Venezuela.<\/p>\n

Maduro argued that the move would help Venezuela \u201cadvance in issues of monetary sovereignty,\u201d principally through the bypassing of sanctions imposed by the United States.<\/p>\n

On Friday, the government revealed that it would release 100 million \u201cpetros\u201d in the coming weeks in an effort to raise hard currency, although opposition lawmakers are warning investors that the currency could be rendered worthless if Maduro was ousted from power.<\/p>\n

However, opposition lawmakers ruled that the currency was illegal due to a constitutional requirement that the national assembly approves any form of government borrow.<\/p>\n

\u201cThis is not a cryptocurrency, this is a forward sale of Venezuelan oil,\u201d opposition lawmaker Jorge Millan told Reuters. \u201cIt is tailor-made for corruption.\u201d<\/p>\n

Yet the ruling is likely to have little effect given that most its power was usurped by the regime last year through the creation<\/a> of a separate illegal lawmaking body known as the \u201cnational constituent assembly,\u201d filled solely by pro-government supporters.<\/p>\n

The currency will be backed by the country\u2019s oil reserves, which represent around 95 percent of its total exports, as well as other resources such as gas, gold, and diamonds.<\/p>\n

The regime hopes the plan will enable it to get hold of hard currency to deal with the country\u2019s worsening economic and humanitarian crisis<\/a>, that has left the government almost facing a debt burden of around $200 billion while millions of Venezuelans are starving or suffering from serious unattended health problems.<\/p>\n

It is also designed hopes to bypass sanctions imposed<\/a> by the Trump administration that prohibit Americans from dealing in Venezuelan debt, making the government\u2019s access to hard currency even more difficult. It could also help ease the pressure of hyperinflation, which has rendered the country\u2019s bolivar currency practically worthless and forced the government to continuously release higher denomination banknotes in order to keep up with price rises.<\/p>\n

Excitement around cryptocurrencies has soared<\/a> in recent months with the stratospheric rise of the Bitcoin currency, which recently surpassed a value of over $20,000 before dropping back.<\/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

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

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

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

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

Venezuela\u2019s democratically elected National Assembly has out..<\/p>\n","protected":false},"author":1,"featured_media":58195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50],"tags":[],"class_list":["post-58194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech"],"yoast_head":"\nVenezuelan Congress Declares Maduro\u2019s \u2018Petro\u2019 Cryptocurrency Illegal - Business News Report<\/title>\n<meta name=\"description\" content=\"Venezuela\u2019s democratically elected National Assembly has out..\" \/>\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\/venezuelan-congress-declares-maduros-petro-cryptocurrency-illegal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Venezuelan Congress Declares Maduro\u2019s \u2018Petro\u2019 Cryptocurrency Illegal - 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