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Venezuela to launch cryptocurrency to combat US ‘blockade’, Maduro says

Approminence App News Venezuela to launch cryptocurrency to combat US ‘blockade’, Maduro says
Venezuela to launch cryptocurrency to combat US ‘blockade’, Maduro says

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Venezuela to launch cryptocurrency to combat US ‘blockade’, Maduro says

Posted By John Allen

President claims digital currency called the petro will be backed by Venezuelan reserves of gold, petroleum, gas, and diamonds

President Nicolas Maduro has said Venezuela would launch a cryptocurrency to combat a US-led fiscal “blockade,” although he provided few clues about how the economically crippled Opec member would pull off the feat.

” Venezuela will create a cryptocurrency … the’ petro ,’ to advance in issues of monetary sovereignty, to attain financial transactions and overcome the financial blockade ,” leftist Maduro said during his weekly Sunday broadcasted broadcast.

The digital currency will be backed by Venezuelan reserves of gold, petroleum, gas, and diamonds, he said during the near five-hour display, which included traditional Christmas sungs and dancing.

” The 21 st century has arrived !” Maduro added to cheers, without specifics about the currency launch.

Opposition leaders scorned the proclamation, which they said required congressional acceptance, and some casting doubt on whether the digital currency would ever see the light of day in tumultuous Venezuela.

Still, the announcement highlights how US sanctions this year are hurting Venezuela’s ability to move fund through international banks. Sources say conformity departments are scrutinising transactions links between Venezuela, which has slowed some bond pays and complicated certain oil exports.

Maduro’s move away from the US dollar comes after the recent spectacular rise of bitcoin, which has been fuelled by signs that the digital currency is slowly gaining traction in the mainstream investment world.

Profile

Who is Nicolas Maduro?

Political career

Maduro is the president of Venezuela. He served as the interim president upon the death of Hugo Chavez in March 2013, and won a hurriedly arranged general election in April 2013, narrowly defeating opposition nominee Henrique Capriles.

Background

Maduro was previously a bus driver and trades union leader. He was elected to the national assembly in 2000 and was appointed to a number of government positions by Chavez, including foreign minister

Accusations

The president, who lacks the charisma of his predecessor, has assured his approval ratings plunge amid widespread food shortages and triple-digit inflation. He stands accused of authoritarianism over his crackdowns on protests and attempts to shut off opposition routes to power. He claims he is the target of a US-backed economic war is targeted at removing socialist control over the world’s biggest oil resources

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Cryptocurrencies typically are not backed by any government or central banks. Bitcoin already has a strong following among tech-savvy Venezuelans looking to bypass dysfunctional economic controls to obtain dollars or construct internet purchases.

Venezuela’s traditional currency, meanwhile, is in free fall.

Currency controls and excessive money printing have led to a 57% depreciation of the bolivar against the dollar in the last month alone on the widely used black market. That has dragged down the monthly minimum wage to a mere $4.30.

For the millions of Venezuelans plunged into poverty and struggling to eat three meals a day, Maduro’s announcement is unlikely to bring any immediate relief.

” It’s Maduro being a clown. This has no credibility ,” opposition lawmaker and economist Angel Alvarado told Reuters.

” I assure no future in this ,” added fellow opponent legislator Jose Guerra.

Maduro says he is trying to combat a Washington-backed conspiracy to sabotage his government and aim socialism in Latin America. On Sunday he said Venezuela was facing a fiscal “world war.”

Read more: www.theguardian.com

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Written by John Allen

http://approminence.com

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