According to a news from Reuters, Venezuela Congress declared the "Petro" cryptocurrency announced by President Maduro as being "illegal". The Congress is run by the opposition, and they main point was issuing such a financial instrument will mean borrowing from Venezuela's future.
Citing from the same source:
Legislators warned investors that the petro would be seen as null and void once Maduro, who is up for re-election this year, is no longer in office. They added that the petro issue violates constitutional requirements that the legislature approve borrowing.
President Maduro announced last Friday the issuance of almost $6 billion Petro, backed by country's oil reserves, in an effort to mitigate the US sanctions.
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