Bitcoin, Crypto currency, Blockchain

Petro: Maduro’s Dash-Copycat now the official means of payment

“Hacia la revolutión digital”: the digital Revolution. After the Update of the White Paper expresses Venezuela’s President Maduro to Petro. This is since 1. October national means of payment.

The Petro is considered the first government-issued crypto currency in the world. Nicolás Maduro, President of the socialist Republic of Venezuela, on the 1. October, the official launch of the currency. This is now the official currency of the South American country.

Although there is the Petro-since February, Maduro expressed but last Monday, compared to the Latin American TV channel Telesur to current innovations. The authorities expand the range of mineral resources, the value of the crypto-currency covered. From now on, Venezuela makes the Caspian Oil is no longer 100 percent, but only half of the collateral. The other half of the cover is made up of Gold, iron and diamonds – in addition to Oil three most important natural resources.

On Twitter, Maduro expressed as follows:

“Now, our digital currency, Petro is able to be positioned so that it occupies a significant place in the economy of our country and the world.”

Compared with Telesur, Maduro also commented on the acquisition opportunities. So Petro would be offered currently by “six of the world’s largest Exchanges”.

New Petro-White-Paper

The new Statements of Maduro in connection with the publication of an updated White Paper. Although only a Spanish Version is not available so far; but it is interesting that the Petro-technical at Dash. Both the Proof-of-Work algorithm, as well as the Masternode System are the Dash the same. Smugly Ethereum developer Joey Zhou on Twitter indicates, however, that several of the technical illustrations were copied from the Dash White Paper.

Venezuela’s Exodus

Due to the economic crisis in the Caribbean nation is not only within the crypto-scene for headlines. Food is scarce and Inflation reaches peak values of up to a Million percent. UN figures show that, alone, fled in the last three years, 1.6 million people abroad.

The newfound interest of the government digital currencies, more established Coins to profit, meanwhile. The Petro is supposed to be foreign exchange the government’s response to a flourishing black market on which, for some time now crypto-currencies are enjoying great popularity. Although Bitcoin is banned Mining under penalty increases the demand for some time. The Plan, using its own crypto currency the growing black market for foreign currencies in the country, not to go so far.

The Venezuelan Hyperinflation seems to confirm at least one of: according to the popular Narrative, the Bitcoin adaptation in countries with dysfunctional monetary regimes faster. The Exodus in Venezuela is to stop but neither Petro nor Bitcoin.

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