Tuesday, August 20, 2019

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.

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