Venezuela Blasts 'False' White Paper to Get Oil-Backed Cryptocurrency
Published at Fri, 19 Jan 2018 21:30:28 +0000
Nevertheless the proposal has attracted criticism from several areas of Venezuela’s government the legislature, which is controlled by forces. The concept was known as “illegal” by the state’s Congress, for example.
A Reddit article from roughly a couple of weeks past claimed to incorporate a URL to the white paper of the petro, along with the record itself — unconfirmed by the Venezuelan authorities as of yet — seems to be hosted on the government’s official website. Whether this record is an early variant of the official release remains to be seen.
Though the South American country failed to confirm precisely what this bogus information constitutes, the superintendent of Venezuelan Cryptoassets and Related Tasks — recently created to oversee the job, which was first announced last month told Reuters the government had been rejecting a white paper which purported to describe the way the petro worked.
Venezuelan flag picture via Shutterstock
The controversial “petro token” was declared last month, with the stated goal of bypassing financial sanctions amidst a years-long economic decline. Venezuela’s present fiat currency, the bolivar, was subject to intense inflation, with the authorities recently issuing a 100,000 unit notice.
The white paper for the petro hasn’t been published yet, he stated, but Venezuelan President Nicolas Maduro will do this “shortly”
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