New Venezuelan Crypto "Petro Gold" Announced

According to president of Venezuela, Nicolas Maduro, new coin will be backed by gold
22 February 2018   468

Two days after the beginning of "petro" presale, which already raised 735 million dollars, Venezuelan President Nicholas Maduro announced another crypto currency, provided with a resource of raw materials. This is reported by the Reuters

The new digital token will be called "petro gold" - instead of oil it will be provided with precious metals.

Next week I‘m going to launch the petro gold, backed by gold, which is even more powerful, that will strengthen the petro.

Nicolas Maduro

President, Venezuela

It is not yet clear which gold will support the "petro gold" - it can be either gold already mined or gold still lying in the bowels of the country. No details about the new currency, except that it will be launched next week, has not yet followed. However, this announcement is unlikely to help "petro" and the Venezuelan government, which is criticized literally from all sides.

In the "petro" many see a poorly thought-out solution aimed at stimulating the weakening economy of Venezuela, where the currency has been in free fall for several years, and inflation has reached 600%. Some financial experts even refer to Venezuela's "oil" crypto currency as a "trick" and "counterfeit currency."

US Congressman to Call for Crypto Ban

As reported, Brad Sherman has called for a blanket ban on cryptocurrency buying
19 July 2018   77

American authorities should ban cryptocurrencies and mining. Such a statement on was made by Congressman Brad Sherman during the hearings of the Committee on Financial Services at the US House of Representatives, CoinDesk reports.

According to Sherman, in the future, cryptocurrencies may become a form of money, but at the moment they are used either by rogue states to bypass American sanctions or by individuals to evade taxes.

We should prohibit U.S. persons from buying or mining cryptocurrencies.

Brad Sherman

Congressman, US

At the same time, Norbert Mitchel, director of the Data Analysis Center of the Heritage Foundation, noted that the possible use of crypto-currency for criminal purposes should not stain other possibilities of digital currencies.

Yes it is true that criminals have used bitcoin, but it's also true that criminals have used airplanes, computers and automobiles. We shouldn't criminalize any of those instruments simply because criminals used them. Those components I believe are the main barriers to widespread adoption in the U.S.

Norbert Mitchel

Director of the Data Analysis Center, Heritage Foundation

As Eswar Prasad, senior professor at Cornell University, said, the existence of cryptocurrencies had the potential to impact the financial services system, particularly the payments system, in positive ways.