Maduro Calls on Trump to Start Dialogue

Venezuela Launches Official Cryptocurrency to Boost Its Economy

Venezuela's cryptocurrency superintendent, Carlos Vargas, has revealed that the South American country is preparing to launch its own cryptocurrency, called "petro".

To overcome difficulties arising from sanctions, the country has resorted to the creation of its own digital currency named "Petro". The bolivar has seen an inflation rate of more than 4,000 percent in the past year, according to the country's National Assembly.

Some bitcoin enthusiasts also question the whole concept of Venezuela, or any government, promoting a digital currency when such instruments were originally created to circumvent the controlling role of the state.

Analysts are showing their concerns over the long-term success of petro coin, as the USA has already denounced this cryptocurrency. Lawmaker Jorge Millan claimed recently that the Petro was not a cryptocurrency, but a forward sale of Venezuelan oil.

Petro, the Venezuelan state-sponsored oil-backed cryptocurrency, will be offered to prospective buyers beginning tomorrow, after President Nicholas Maduro had announced the idea in December of 2017.

"In terms of worldwide investors, there are huge risks because these are barrels [of oil] that are not being developed, at all", Caracas analyst Jean Paul Leidenz tells Otis. "Who would give a vote of confidence to a bank that hasn't even been unable to maintain public confidence in the traditional currency?"

However, that oil has yet to be pumped, says Jose Antonio Gil, a digital currency expert in Caracas.

Mr Bianchi agrees that the underlying logic of Venezuela's ICO is to get around the financial sanctions imposed by the USA and Europe. The government also aims to complete any adjustments necessary for its network by the end of March, with full use of the token expected to begin in April.

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Following the additional sanctions imposed in August 25, 2017, the U.S. financial institutions are banned from having dealings in new debt and equity issued by the government of Venezuela and its state oil company.

But the Peruvian government announced that it will not allow Maduro to attend, on the grounds that he has broken with his country's democratic institutional order. It has opened a registry for so-called "miners" who will be able to earn petros through a process of auditing online cyrptocurrency transactions.

It may seem fanciful, but the beleaguered socialist leader "has often proven his doubters wrong", says The Guardian.

He has managed to hang on to power despite predictions of his demise amid Venezulea's downward economic spiral.

Though President Maduro faced a lot of criticism from opposition parties, he looks optimistic to support the nation's cash position by offering oil backed tokens.

The petro is also supposedly backed by storehouses of gold and diamonds, Maduro has said, according to Bloomberg.

Meanwhile, the government will reserve the remaining 17.6 million Petros.

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