Venezuela has issued the world's first government-issued virtual currency "Petro", while skeptical view while rich in oil resources

The Venezuelan government in South America has its own virtual currency "PetroWe announced on 20th February 2018 that we will issue Petro. In an attempt to avoid the influence of economic sanctions by the United States, it is said that its value is guaranteed by the oil assets owned by the country, but there are many uncertain areas remaining.

Venezuela launches oil cryptocurrency - BBC News
https://www.bbc.co.uk/news/amp/business-43133853

Venezuela also reports coverage with a 60% discount on virtual currency issue: Nihon Keizai Shimbun
https://www.nikkei.com/article/DGXMZO27181440R20C18A2000000/

Petro is the first virtual currency issued by the state, as President Maduro of Venezuela states "It is the world's first virtual currency by state." According to the Nikkei newspaper, this sale is for institutional investors, Venezuela government is offering a discount price of up to 60%. Mr. Maduro declared, "The world's first issued virtual currency guaranteed to natural resources", while the Nikkei newspaper reports that "there are many uncertainties and the actual situation has not been revealed."

Venezuela is the largest oil resource country in South America, but American Mr. Maduro's policy of dictatorship is strong, American President TrumpSigned Presidential Decree to implement economic sanctions against VenezuelaIn addition,Measures of arms embargo from the EUThe pressures from all over the world are rising, such as being taken. Meanwhile, in VenezuelaFierce inflation of over 2600% per yearThere is a continuing painful economic situation, such as currency devaluation and other measures taken.

Venezuela, annual inflation rate 2616% Four digits reached first: Asahi Newspaper Digital

Venezuela boasts the world's largest reserves of crude oil, but the regime continues to control the price and control irrational and the economy is confused. Foreign currency revenues also declined sharply as the price of crude oil declined, and inflation advanced rapidly. According to the International Monetary Fund, the 15-year inflation rate was 111 · 8% and in 16 years it was 254 · 39%.

Under such circumstances, the virtual currency Petro announced in that is that oil resources owned by the country assure its value. On the official website "PETRO (PTR) is valued by Venezuelan Bolivar Republic and its abundant crude oil assets, and more importantly, Petro is using innovation with block chain technology and information technology of highest standards It is established in a way and aims at more direct commerce and electronic asset expression that enables government activities in a truly independent work frame, financially and economically. " It has been.

elpetro.gob.ve/
http://elpetro.gob.ve/index-en.html


However, there are many questions about its effectiveness, and it is said that issuing virtual currency is reckless in the absence of the ability to repay foreign debt of as much as $ 150 billion (about 16 trillion yen) Experts also show how to look. Also, the US government warned the Venezuelan government that the issuance of virtual currency in the course of economic sanctions "violates American sanctions", he said. Meanwhile, the Venezuelan government acknowledged that this issue of virtual currency will avoid economic sanctions by the United States.

Venezuela issues "virtual currency" United States violates sanctions and warnings (Photo: Reuters): Nihon Keizai Shimbun
https://www.nikkei.com/article/DGXMZO2708980019022018FF1000/

In this issue, a total of 100 million PTR was issued, and the unit price per 1 PRTR was set at 60 dollars (about 6500 yen) based on the Venezuelan crude oil price in mid January 2018, but overseas media accounted for 60% It also reports that the Venezuelan government had proposed a discount of. This is also seen as a warning against the US government warning that Petro's issue is in conflict with sanctions. This sale was mainly made for institutional investors, but the information of the buyer has not been disclosed, and it is said that it is unclear whether the transaction was actually made.

On Petro's official website, in order to obtain Petro, it is stated that opening a Petro digital wallet and sending and receiving money using the email address generated by Wallet.


In the planned roadmap, in February 2018, the initial test of the Petro block chain will be carried out, and legal development will be carried out. Subsequently, in March, we will conduct closed selling, change and coordinate Petro network, and implement ICO. And final correction and formal certification will be done in April.


While the country is in the back, while the credibility that is not comparable with other virtual currencies is recognized, looking at Venezuela 's government operations that are in danger of confusion, there is no choice but to worry about how much trust can be put It can be said. At the time of article creation,Pages where legal entities and individuals can registerAlthough it is prepared, further detailed information can not be confirmed yet.