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Venezuela’s democratically elected National Assembly has outlawed the use of a national cryptocurrency known as the “petro” on Tuesday, describing it as an illegal attempt to mortgage the country’s oil reserves.
The country’s socialist president Nicolás Maduro announced the introduction of a national cryptocurrency last month as a solution to the government’s enormous debt burden, declaring that the “21st century has arrived” in Venezuela.
Maduro - Move - Venezuela - Advance - Issues
Maduro argued that the move would help Venezuela “advance in issues of monetary sovereignty,” principally through the bypassing of sanctions imposed by the United States.
On Friday, the government revealed that it would release 100 million “petros” in the coming weeks in an effort to raise hard currency, although opposition lawmakers are warning investors that the currency could be rendered worthless if Maduro was ousted from power.
Opposition - Lawmakers - Currency - Requirement - Assembly
However, opposition lawmakers ruled that the currency was illegal due to a constitutional requirement that the national assembly approves any form of government borrow.
“This is not a cryptocurrency, this is a forward sale of Venezuelan oil,” opposition lawmaker Jorge Millan told Reuters. “It is tailor-made for corruption.”
Ruling - Effect - Power - Regime - Year
Yet the ruling is likely to have little effect given that most its power was usurped by the regime last year through the creation of a...
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