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Venezuelan oppositionists declare Petro illegal

One of the two opposition legislatures of Venezuela has decided that the issuance of national cryptocurrency is illegal in accordance with national legislation.

07.Mar.18 7:53 AM
By Daria Zaytseva


Venezuelan oppositionists declare Petro illegal

Announced on Tuesday, Asamblea Nacional from Venezuela, a group of politicians who largely disagreed with President Nicolas Maduro and his policies, declared it believes the petro cryptocurrency is unconstitutional, using harsh rhetoric that condemned the project as not only a fraud, but a threat to potential investors.

In a public statement, the members of the group attacked the sale, which is said to have already raised $ 735 million, arguing that this is simply a symptom of the ongoing political crisis in the country.

In the matter, according to the legislature, there are claims of the government that enterprises and retirement accounts would need to take the cryptocurrency, which, if it is issued, would mark the first time when a national state has issued a form of payment based on blockchain.

Nevertheless, being potentially historic, members of the legislature sought to execute petro as another way that a corrupt government tries to squander funds from citizens. In recent years, high unemployment and inflation were prevailing in Venezuela.

Venezuelans are still deeply divided on the idea that soon they will be able to use the government-supported cryptocurrency, with a reaction to the decision caused by President Maduro, who largely shares partisan lines.

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