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   1223

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.

Karpeles to Face Another 10 Years in Jail

Japanese enforcements agencies blamed Mt. Gox CEO in stilling $3M
12 December 2018   84

Japanese prosecutors blamed the head of the already inactive exchange Mt. Gox Mark Carpeles in embezzling 341 million yen ($ 3 million) from a bank account trading platform. The prosecutors made the corresponding statement in the Tokyo District Court, demanding 10 years of imprisonment for Karpeles, reports The Mainichi.

[Mark Karpeles] diverted company funds to such uses as investing in a software development business for personal interest" and "played a great role in totally destroying the confidence of bitcoin users.

Japanese prosecutors

It is noted that in September-December 2013, the head of MtGox allegedly transferred funds to personal bank accounts, and then invested in the software development business.

Carpeles is also accused of faking the data of the trading system of the exchange for the fabrication of balance sheets.

The deadline for accepting applications from affected investors as part of the civil rehabilitation of Mt. Gox has been extended until the end of December.