News

The Petro Deemed Unconstitutional By The Venezuelan Congress

This Tuesday, the Petro (the Venezuelan official crypto coin) was declared illegal on an extraordinary session of the Venezuelan Congress. This was informed by the legislative body in a PR statement posted on their web page.
The body debated and found many reasons to declare it unconstitutional. Francisco Sucre, a Venezuelan congressman pointed that oil deposits are national goods and cannot be given as collateral in any way. The vote was unanimously cast in favor of declaring the crypto asset illegal.
Some experts have questioned the Petro since its inception, basing their opinions on the fact that all extraordinary credits and debts must be approved via ballot vote cast by the National Assembly; the Petro, in this case, can be interpreted as a mechanism to circumvent this measures and give some much-needed oxygen to President Maduro’s regime.
The Petro whitepaper states that the ICO will start March 20, with the initial cost being of 60$ per Petro. Maduro has stated that in the presale they have collected more than 700 million dollars. We’ll be aware of future developments.

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTMarketsNewsxbtusd

The Bitcoin Bull Run Is Far From Over – Here’s What’s Following

Bitcoin entered the month of May above $50,000 but has been range-bound below the $60,000 price mark since the 18th of April. Bitcoin hit a daily high of $59,464 on Sunday, this is the highest price the leading cryptocurrency has…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Quarterback Star Tom Brady Breaks Internet After Showing Interest In Bitcoin

Tom Brady, the American athlete who is widely regarded as the “greatest” quarterback in NFL history is the latest celebrity to show interest in the world’s most valued cryptocurrency Bitcoin. Brady who has a massive Twitter following of 1.9 million…