The president of Venezuela, Nicolás Maduro, announced on December 3 during a televised speech, the creation of a cryptocurrency called "Petromoneda", which will be backed with the gold, gas, oil and diamond reserves of the country.
The information that is handled in this respect is not much, since it is a project whose development is still in its initial stage. However, a summary of what has been revealed so far in reference to this new cryptoactive is presented below.
The Petro, as it is also known to the Petromoneda, will be governed by the newly created Superintendence of the Venezuelan Cryptocurrency, in charge of the now exdiputated by the National Constituent Assembly, Carlos Vargas. It is expected that this agency will work hand in hand with the Blockchain Observatory of Venezuela to finalize the launch of the cryptoactive.
Vargas explained during an interview on the state channel, that the "Petro" will be backed by the country's oil reserves, so when acquiring the token it would have ownership of a certain amount of the hydrocarbon. In addition, he defined this cryptoactive as a "refuge asset", which can be purchased from Venezuela and anywhere in the world and exchanged for all types of fiat currencies and cryptocurrencies.
The superintendent also mentioned that the amount of cryptoactives issued will be finite and auditable. Its price will be established through the international quotation of the Venezuelan oil barrel in the market. Legally, this good will be considered a "commodity" or a guarantee.
#EL PETRO WILL NOT BE THE ONLY ONE
The executive emphasized during the announcement of the creation of the Superintendency, in which digital currencies constitute the future of the economy. CriptoNoticias spoke exclusively with the Vice Minister for the Technological Development of Information and Communications, Camilo Torres, who said that more than one cryptocurrency could be created in the country.
We are not talking about a currency, they can be different types of assets. They can be different types of currency. This is something that strengthens all scenarios. We could talk about one for gold or one for diamond. Even currencies not backed by these assets.
These statements correspond to those of Vargas, who mentioned that this first cryptocurrency launched would be represented exclusively by the Venezuelan oil reserves. The Minister of Foreign Trade, José Vielma Mora, also explained during the International Science and Technology Fair (FIC-TEC) 2017 that it is an advantage that the country's natural reserves act as support for cryptoactives. "There is diamond, oil and gas. The president spoke of several important matters. It will be a success because all these matters are placed on the stock exchange. "The minister said in reference to the resources that the South American nation has.
THE BLOCKCHAIN OBSERVATORY
The Ministry of Economy, Finance and Public Banking opened the Blockchain Observatory of Venezuela also during the celebration of the FIC-TEC 2017, an organization that will work to establish the institutional, political and legal bases necessary for Petro.
Hugbel Roa, Minister of Popular Power for University Education, Science and Technology, said that the creation of this body seeks that Venezuela overcome the financial blockades and the so-called economic warfare of which it is a victim. This will be created by a team of 50 specialists from the technological, financial and monetary areas and will be assigned to the Ministry of Technology.
For his part, Camilo Torres said during the interview for CriptoNoticias that the Blockchain Observatory will include representatives from both private and public companies. Also, that the national government is in talks with the national bank and with different developers, especially from the private sector.
The president of Fedeindustrias, Orlando Camacho, expressed that he hopes that the Blockchain Observatory will facilitate the study of this type of technology in Venezuela, so that it can advance on issues such as electronic payment methods. The launch of this observatory is scheduled for today, Monday, December 11.
THE BLOCKCHAIN OF PETRO
The representative of the Venezuelan Cryptocurrency Superintendence announced the creation of a schedule for the development of Petro together with the blockchain community of the world, although it has not yet been revealed; in the same way that the blockchain on which the Petromoneda will be used is unknown.
Regarding this, Deputy Minister Torres commented that the blockchain network that will support Venezuelan cryptocurrencies may or may not be decentralized. He also clarified that for the case of those that are backed by natural resources, everything will depend on "the strategic line they pursue."
