Venezuela Invites OPEC to Develop Oil Crypto Platform

President of Venezuela Nicolas Maduro invited all OPEC countries to jointly develop a platform for trading oil-backed crypto-currencies
07 February 2018   573

Venezuela itself is preparing to pre-sell its own "oil" cryptocurrency "petro", which can be used to pay taxes, fines and utilities. This is reported by

On Tuesday, at a meeting with Mohammed Barkindo, Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Maduro invited all OPEC countries to unite and develop a platform for trading "oil" crypto-currencies.

OPEC Meeting
OPEC Meeting

PEC includes 14 countries: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

I will officially propose to the OPEC and non-OPEC countries that we adopt a joint cryptocurrency mechanism backed by oil.we will also support our cryptocurrency with precious minerals from our land. I have explained to Mohammed Barkindo the goodness of the petro. The cryptocurrency is the world of the future. I am very excited as well as the people of Venezuela.

Nicolas Maduro

President, Venezuela

Venezuela recently published a "white book" of its "oil" crypto currency. Private pre-sale will begin on February 20, and then in March, the ICO of petro tokens will start.

Maduro confirmed that in addition to the "5 million barrels of oil" Venezuelan crypto currency will be provided "precious minerals from our land".

The Bolivarian Republic of Venezuela guarantees that it will accept petros as a form of payment of national taxes, fees, contributions and public services. The Venezuelan government is committed to promoting the use of petro in the domestic market and making efforts to stimulate its acceptance throughout the world. The State will actively assume the commitment to promote the adoption of petro, encouraging the growth of its national and international user base.

Petro Whitepaper

The Venezuelan manager on cryptocurrencies also shared new details about previously announced Petro Containers and stated that they are intended for "massification of mining farms in secondary schools, universities, university villages and other places with a large population".

Sparkpool to Freeze $300k Reward

As reported, pool suggests that such a high commission could have been paid by someone in error and is considering the possibility of a refund
20 February 2019   68

The Sparkpool mining pool decided to freeze the remuneration in the amount of 2,103,1485 for the extraction of block # 7,238,290. The management of the organization suggests that such a high commission could have been paid by someone in error and is considering the possibility of a refund, CoinDesk reports.

The head of the Sparkpool Xin Xu argues that users of the pool understand and agree with the decision, given the size of the amount involved.

Unfortunately, and fortunately, blockchain is so far not completely run by machines; human are still involved. So we have an opportunity to correct the problem. Integrity is our pool’s priority.

Xin Xu

CEO, Sparkpool

While some users suggested that a large commission was paid by mistake, others admitted that this could be a goodwill gesture from an anonymous donor to the community of the miner or even an attempt to launder money through the blockchain cryptocurrency.