Venezuela to launch oil-backed cryptocurrency

The president of Venezuela announced on Sunday the launch of "Petro" - cryptocurrency, backed by oil, gas, gold and diamond reserves
04 December 2017   514

Nicolas Maduro, the President of Venezuela since 2013, announced on Sunday during his weekly radio and TV broadcast "Los Domingos con Maduro" the launch of "Petro" backed by oil reserves to shore up a collapsed economy.

Venezuela will create a...cryptocurrency to advance monetary sovereignty, as it will help to overcome the financial blockade and thus move towards new forms of international financing for the economic and social development of the country.


Nicolas Maduro

The president of Venezuela

However, opposition leaders are skeptical about the announcement, saying that the digital currency hardly would ever see the light of day in the midst of turmoil.

It’s Maduro being a clown. This has no credibility.


Angel Alvarado

Opposition lawmaker and economist

Currently, the bolivar, the national currency of Venezuela, suffers a 57% depreciation against the dollar in the last month and the rapid inflation of the bolivar has led to a surge in consumer prices that has exacerbated the crisis.

It is worth mentioning that there was a huge demand for bitcoin in Venezuela last week, Its volume amounted to $130 billion.

Venezuela volume bitcoin 04.12.17Weekly LocalBitcoins Volume (Venezuelan Bolivar)

According to Maduro, cryptocurrency could help Venezuela to combat a Washington-backed conspiracy to sabotage his government and end socialism in Latin America.

Arizona to Protect Crypto Nodes Legally

According to the public records, proposed protections for cryptocurrency node operators are moving ahead in Arizona's legislature
21 February 2018   43

On February 6 House Bill 2602 was filed by Representative Jeff Weninger (R.-17). It passed the Arizona House of Representatives on February 20 with 55 out of 60 votes. Now it will be sent to the State Senate.

The bill will prevent governments in the state from imposing restrictions on people who run nodes in their residences.

The bill does not specify whether it is restricted to cryptocurrency miners. However, the bill states that individuals using computing power to either validate or encrypt a transaction on a blockchain are protected.

This is just one out several bills making their way through the Arizona legislature. Another bill by Weninger would formally define the terms "coin", "blockchain," and "initial coin offering" within the state's legal framework.

Another bill recently passed by the Arizona Senate which would empower the state government to accept taxes in bitcoin and other cryptocurrencies.