Venezuela Launches First National CryptoCurrency
"Today, a cryptocurrency is being called into life that can compete with Superman" - said Venezuela's President Nicolas Maduro after their launch of the first national cryptocurrency.
The crisis-ridden Venezuela hopes for an economic liberation by launching its own Cryptocurrency. Yesterday they launched their official pre-sale for the so called "Petro" coin and gained over $735 million dollars within 1 day. You´ll have the chance to invest in to the first government-backed cryptocurrency until the 19th of march 2018. Venezuela first unveiled the Petro coin in December 2017.
Venezuela's government first unveiled the petro back in December, setting up a dedicated government agency to oversee the development of the cryptocurrency as well as an ecosystem for it within the South American nation. In anticipation of the sale, the government published a white paper, a buyer's guide and, most recently, newly crafted rules for creating cryptocurrency exchanges within Venezuela. - Coindesk
According to Venezuela’s Minister of Foreign Trade and International Investment José Vielma Mora, the country wants to attract investors from countries such as Poland, Denmark, Norway, as well as skirt the US and EU sanctions. There is for sure a tactic behind this idea.
Previously, President Nicolas Maduro had ordered the issue of 100 million Petros with the value of a single barrel of oil each. The president hopes to raise a total of just over $6 billion via the sale of PTR. - Cointelegraph
There has been a power struggle between Maduro and the opposition in Venezuela for many years. The country is in a deep economic crisis while the oil price decline of recent years depresses the revenue of the state. The opposition accuses Maduro of mismanagement and corruption. Therefore, they repeatedly started mass protests against the Venezuelan president. Only at the beginning of February, the paper currency Bolivar had been devalued by 99.6 percent - which corresponds to an inflation of 4000 percent, according to krone.at.
You might wonder how you can trade or exchange the Petro coin and I recently found an article on Cointelegraph which explains it very well.
To buy and trade in Petro, investors need to download a digital Petro wallet, developed by the Venezuelan government. Once acquired it will generate an address you can provide to anybody who wants to transfer PTR to you.
Simple and easy to understand.
I am very exited for the upcoming ICO. Let me know if you invested in the first government coin or what you think about this whole idea of saving the country by creating an own cryptocurrency.
Thanks for reading
Stay focused
Love, Soldier
We need a market price increase , the weak hands are selling right now
Who are those buying? I'm not sure if I would take a chance with this one.
People is Venezuela are suffering greatly under the current socialistic regime. A regime that represents the real pure evil seen from the ideological cryptocurrency perspective. These kind of regimes and government is the real reason why cryptocurrencies have arisen in the first place.
So the irony is strong with this one when that kind of a government releases their own cryptocurrency.
Investing in anything the Venezuelan government is involved in shouldn't even be considered by anyone believing in what cryptocurrency stand for and brings of opportunity for humankind.
Just by understanding socialism and how it's in reality rolls, one should stay away from this, as they are by nature criminals and bandits.
I acctually just came across a very nice example on how Steemit and desentralisation is enpowering people greatly, because it is desentralised and because it roules out government regulation (and maybe even taxes :)
https://steemit.com/steemit/@timothy256/my-first-sbd-withdrawal-helps-me-buy-a-new-and-better-smartphone-thank-you-steemit
To freedom!
@soldier, You've better explained here about petrocoin Venezuela newly introduced to market yesterday. Wow..1 day they gained over $735 million dollars. Amazing. It mean petrocoin would be awesome in future. Thanks for update.
This slap will benefit the economy of this country, which is known as a suffocating economic crisis because of the government in the administration of the country
The best about the petro is based in the legalization of mining and teach people in trading and mining, i mean the goverment created some schools and places to teach people about cryptocurrency and it's the first country in south america in doing something like that. Regards
this great post I appreciate life thanks for sharing this cryptocrrency news.. best of luck resteemit..
thats great and really good to hear that they launched thier own country cyrpto and its sign that crypto bringing awairenss in whole world and its really intresting that it gained over $735 million dollars within 1 day
thanx for this good news @soldier i find your blog always informative and helpfull and hope will always find your blog helpfull and informative
doing a good job here in steemit
This slap will profit the economy of this nation, which is known as a stifling monetary emergency in view of the legislature in the organization of the nation
This very nice post i like it thanks for sharing this crytocurrency news best of luck..