On the other hand, some people used the story to remind of the concept of cryptocurrencies - the money that is not issued and controlled by the authority. "Here, the only novelty is that this inefficient government wants to compensate for the lack of production with these virtual barrels, generating new and illegal debt". So, given the massive reserves of petroleum in Venezuela, it would seem to make sense to back a cryptocurrency with a barrel of oil as opposed to the national fiat.
A coalition of airlines is trying to retrieve $3.8 billion in profits seized by the government, the trade journal of the International Air Transport Association reported.
When the administration of President Nicolas Maduro ordered more than 200 supermarkets to restore their prices to last months levels, news of the discounts spread like wildfire, leading crowds to mass in front of stores. Since July, Maduro has appointed an unconstitutional Constituent Assembly to re-write the Constitution and replace key powers of the democratically elected National Assembly, has banned the three main opposition parties from putting up presidential candidates, and has stolen three municipal and regional elections.
The petro was already likely to face stiff headwinds, as many critics have viewed it with skepticism.
On the other hand, he highlighted the achievements in the public health system, on which he made important announcements of actions to strengthen that service affected by the economic war. The president also called for an initial national meeting of the country's petro miners on January 14, at which time he will reveal the project's whitepaper.
Venezuela's assembly banned Nicolas Maduro's petro cryptocurrency Tuesday, declaring it an attempt to illegally mortgage the country's oil reserves in a time of financial crisis, reports Reuters. Based on this, the US imposed financial sanctions against Venezuela, making it near impossible for the country to refinance its looming debt. "We also found a lot of wood that's from a boat", he said, adding that debris included gas cans and personal belongings. On the one hand, the political climate in Venezuela determined the outcome of the new digital currency launching.
But, judging from what I'm hearing from U.S. and Latin American diplomats, Hausmann's proposal for a military intervention is highly unlikely to get off the ground. It is an area known for rough seas, but smugglers sometimes use it in hopes of avoiding patrols on Curacao's southern coast, Gouverneur said.
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