President Maduro Proposes Petro As ALBA’s Currency

Source:  TeleSUR
December 14 2018

“It’s been 14 years since the official founding of ALBA.  Today we can see the positive balance throughout all fields of ALBA: the social, the political, diplomatic and with the human side of things.  What is the main reason for our efforts?  To guarantee our region’s true independence and to guarantee the sustainability of a fair and social solidarity model for our people.   Without a doubt, it is the effort towards developing unity  and an economic, productive integration so we can,as a bloc, develop the vast resources of our countries.

I propose that ALBA assumes the Petro currency and cryptocurrency as the core of their financial efforts towards a future of reaching economic freedom.  I am officially proposing this befoe ALBA and all the peoples represented here.

The Petro is a reality, it was born under pressure fighting against sanctions and financial persecution…”  President Nicolas Maduro.

US Lawmakers Predictably Take Aim at Petro as Iran, Russia Consider Following Venezuela’s Lead

Source:  TeleSUR
February 24 2018

marco rubio us republican senator.jpgU.S. Republican Senator Marco Rubio. | Photo: Reuters

 Russia and Iran have expressed interest in developing their own digital currencies to help combat U.S.-imposed sanctions.

Democratic United States Senator Bob Menendez and his Republican counterpart, Marco Rubio, have co-authored a letter denouncing Venezuela’s newly-launched cryptocurrency, the Petro, and requesting that the Treasury Department closely monitor its progress. The lawmakers also made suggestions on the measures the agency can take to undermine the success of the digital currency, which has raised over US $1 billion for the South American country since it was launched on Tuesday.

RELATED:  Iran, Russia Consider Developing Own Cryptocurrencies

During a hearing convened by the Senate Committee on Banking, Housing and Urban Affairs earlier this month, Menendez also made his intention to subvert the Petro in any way he can clear. Jay Clayton, Securities and Exchange Commission chairman, and Christopher Giancarlo, Commodity Future Trading Commission chairman, declined to respond whether their agencies could undercut the Petro, Giancarlo assured that his “would certainly look at” the cryptocurrency to guarantee that it doesn’t swindle U.S. buyers.

Meanwhile, the U.S. Treasury Department had issued a statement on Petro in January. It read that “a currency with these characteristics would appear to be an extension of credit to the Venezuelan government” – a measure forbidden by U.S. sanctions – and that “U.S. persons that deal in the prospective Venezuelan digital currency may be exposed to U.S. sanctions risk.”

In reference to the Petro, a spokesperson for Menenedez said: “We continue to look for ways to prevent the Maduro regime from brazenly evading U.S. sanctions and plan to follow up with the Department of Treasury following their issuing of these guidelines.”

Venezuelan President Nicolas Maduro has said the goal of the Petro is to combat sanctions and the “economic war” waged by the U.S. government and its junior partners against his country and advancing “on issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.”

The launch of the Petro was announced in December. It is regulated by the Superintendence of Cryptocurrencies and Related Activities, as well as the Blockchain Observatory.

Russia and Iran have expressed interest in developing their own digital currencies to help combat U.S.-imposed sanctions, following this week’s successful launch of Venezuela’s first cryptocurrency. Mohammad-Javad Azari Jahromi, head of Iran’s Ministry of Information and Communications Technology, said the test model for a “cloud-based digital currency” is currently under development and will be submitted to the Iranian bank system soon.

The Iranian official announced the move following a meeting with the state-owned Post Bank of Iran on Wednesday, according to NPR.

Meanwhile, Venezuelan Financial Minister Simon Zerpa Delgado was in Russia this week, where he spoke with officials about strengthening collaboration and about the Latin American nation’s newly launched cryptocurrency.

Russian officials have previously exchanged ideas about issuing some kind of digital equivalent of the ruble to circumvent U.S. sanctions, according to The New York Times.
China and Singapore have also expressed interest in creating their own forms of cryptocurrency, but experts say the nations will wait to judge Venezuela’s success with the Petro before bringing their own versions to market.

Cryptocurrencies typically are not backed by any government or central bank, nor are they regulated. However, the U.S. Security and Exchanges Commission has been increasingly tracking digital currencies, classing some tokens as securities, thus making them subject to oversight.

Maduro said: “We have taken a giant step into the 21st Century… We are on the world’s technological vanguard.”

Venezuela: Petro Sales Exceed $1 Billion in Just Two Days

Source:  TeleSUR
February 23 2018

Petro logo.jpgThe new Venezuelan cryptocurrency ‘Petro’ logo is seen at a facility of the
Youth and Sports Ministry in Caracas. | Photo: Reuters

Venezuelan President Maduro said almost one million people have visited the Petro website since the currency’s launch two days ago.

Venezuelan President Nicolas Maduro said Thursday that his government has raised US$1 billion in the first two days of its “Petro” cryptocurrency sale.

RELATED:  Venezuela Earns $735m in a Day From Petro Cryptocurrency Sales

“We already have offers and negotiations that exceed US$1 billion, in just two days, far exceed US$1 billion, here in the hand, cold and hard,” said Maduro in a brief speech on Facebook live.

Each day that passes “that will grow, that’s US$1 billion … that go directly to the resources of the Republic,” added the president.

The Venezuelan government issued the digital currency in response to the financial sanctions applied by the United Statesand European Union, which prevent its citizens from acquiring new debt from the oil nation and limited the movements of Caracas’ money in global banking.

Maduro said that in the first two days since the launch of the digital currency, “292,000 Petro purchase option offers have been made, of which 36 percent have been made in dollars, 15 percent in euros, 18 percent in Ethereum, and 31 percent in Bitcoin.”

RELATED:  Venezuela to Launch Second Cryptocurrency: ‘Petro Gold’

The cryptocurrency has generated interest in several countries, such as ColombiaChinaSpain and Palestine after the Venezuelan government launched a private presale of 38.4 million Petros of the total 100 million released, which will extend until March 19.

“Just today 950,000 people entered the page to interconnect, download information from the Petro, which is a positive phenomenon, a monetary, political, economic, psychological phenomenon in the path of the new economy,” Maduro concluded.

The launch of the Petro was announced in December. It is regulated by the Superintendence of Cryptocurrencies and Related Activities, as well as the Blockchain Observatory.

Cryptocurrencies typically are not backed by any government or central banks, nor are they regulated. However, the U.S. Security and Exchanges Commission has been increasingly tracking digital currencies, classifying some tokens as securities, thus making them subject to oversight.

Venezuela: 82.4M Units of Petro Cryptocurrency Available

Source:  TeleSUR
February 20 2018

petro cryptocurrencyThe new Venezuelan cryptocurrency the Petro logo is seen on a monitor
during a news conference in Caracas, Venezuela, January 31, 2018. | Photo: Reuters

The Venezuelan Government has officially announced the pre-sale of the Petro (PTR) cryptocurrency – the first commodity-secured currency of its kind in the world.

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nicolas maduro 33.jpg“The Petro is born and we are going to have a total success for the welfare of Venezuela,” President Nicolas Maduro said. The President added that it will be a “very busy” day since the government will be working on forging strategic alliances.

The manual of acquisition and commercialization of the Petro will now be available and will begin the pre-sale of this digital currency with 82.4 million units available. The manual is available for download in several languages.

“The largest and most important companies and Blockchain in the world are with Venezuela, we are going to sign agreements,” Maduro expressed. “Six weeks ago I announced the creation of the Venezuelan cryptocurrency,” the president adding that the government had been working to launch the currency since then.

Maduro previously announced that the value of the entire Petro issuance of 100 million tokens would be just over US$6 billion.

The cryptocurrency, which will be backed by the oil resources of the country, aims to begin a new economic era in the nation.

Vice President of the Republic, Tareck El Aissami, launched the pre-sale process for the Venezuelan cryptocurrency, early Tuesday.

The Petro was created by the Venezuelan Government to counter the financial blockade imposed by the United States, attract investments and generate a new payment mechanism for goods and services.

The Venezuelan Government says the Petro is the foundation of a policy to promote development and infrastructure as well as the training of young people in electronic mining, coding, cryptography, network security and economics.

Carlos Vargas, who will manage the government’s cryptocurrency, said the presale and initial offer will be made in hard currencies and cryptocurrencies, but not bolivars.

“Our responsibility is to put (the Petro) in the best hands and then a secondary market will appear,” he said, explaining that the Petro could be sold in exchange for local currency after the initial sale.

The cryptocurrency will be redeemable for fiduciary money and other crypto-assets through digital exchange locations.

How to acquire the Petro?

Get a digital Petro wallet. Your Petro wallet will generate an email address that you can share with anyone who wants to transfer PTR to your wallet. You will be able to receive and deposit PTRs using the e-mail address.

Through an exchange of Petro ERC20 tokens acquired in the presale.

Purchase in the Initial Offer open to the participation of the general public.

In the secondary market once the initial offer process has ended.