The Historic Rise of the Petro Venezuela National Cryptocurrency. by shortsegments

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· @shortsegments · (edited)
$2.54
The Historic Rise of the Petro Venezuela National Cryptocurrency.
![48B983E5-181B-4DAB-9C29-6A595EDD3765.jpeg](https://cdn.steemitimages.com/DQmdoiACH299DkucLjNEUoDd17PoCc5L68uLazzvYzmaxWa/48B983E5-181B-4DAB-9C29-6A595EDD3765.jpeg)
[](https://venezuelanalysis.com/news/14078)


In a historical move the government of Venezuela created the world’s first national cryptocurrency called The Petro or El Petro as it is known in South America and other Spanish speaking countries. On top of this historical precedent The Petro is based on the future delivery of a barrel of oil. The first cryptocurrency based on or backed up by a commodity, and not any commodity, but the most sought after and what many consider the most valuable commodity in the world, as the wealth of many countries including Saudi Arabia and the economies of many countries like Russia, China and the USA are dependent on cheap supplies of oil.  
 
In November of 2019 in yet another historical precedent the President Maduro of Venezuela issued a degree making the Petro an officially means of paying for all government services in his country. 

This comes on the heels of government degrees by Maduro which provided cryptocurrency exchange facilities available to merchants throughout the country free of charge and a programmed disbursement of the cryptocurrency to the [people and businesses of the entire country of Venezuela. As all know Venezuela’s fiat currency The Bolivar has been suffering from hyperinflation and the country’s economy wrecked. But the establishment of the world’s first national cryptocurrency with the intention to replace the National Currency The Bolivar with the National Cryptocurrency.

The Petro is historic beyond belief and exceeds all expectations of mass adoption of cryptocurrency by a nation. We are living in historical times and if it not for the severe economic sanctions placed on Venezuela and all who trade with Venezuela by the United States the historical effect of this currency throughout South America would be potentially monumental. The pegging of the USA dollar to a barrel of oil by the Organization of Oil Producing Countries over 30 years ago and the intrinsic strength of the American Economy, still the largest and most wealthy economy in the world has enshrined the dollar as the worlds most valued currency. The challenge of the Petro to the world’s economic status quo cannot be ignored and this potential challenge and danger to the American economy was cited by American President Donald Trump as a critical reason for making it illegal for Americans to buy or trade The Petro and for the severe economic sanctions the United States government leveled against any other country which agreed to buy and sell The Petro or oil from Venezuela.
 
Lastly, at the October, 2019 Blockchain Life Summit held in Russia this year, the presentations by the government of Venezuela on The Petro were one of the most popular. Even if we cannot buy the Petro here in the United States we must stay informed as history is being made in the cryptocurrency space.
 
✍️ written by Shortsegments


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References:
>Venezuelan government announces use of crypto active "petro" to manage official procedures
>Updated 2019-11-07 12:25:56 | Spanish. Xinhuanet com
  
>CARACAS, Nov. 6 (Xinhua) - Venezuelan President Nicolás Maduro announced Wednesday that two of the main official document processing units will begin charging their services using Petro's Venezuelan cryptocurrency. The aforementioned institutions are the Autonomous Service of Registries and Notaries (Saren), entity in charge of realization of official documents of property and commercial records, and the Administrative Service of Identification, Migration and Foreigners (Saime), in charge of the basic documentation of all citizens
>Regarding the Saren, Maduro said that they will be charged with the digital currency "all services abroad and in Venezuela, passports, visas, the expansion of passports that are given in consulates and embassies."
>The president also signed a decree that mandates natural and legal persons to keep their accounting records in bolivars, Venezuelan official currency, and also in petro, digital currency devised by the government last year.
>"This is the decree by means of which natural and legal persons are instructed, that is, normal persons and companies, the obligatory nature of the registration, information and economic facts expressed in sovereign crypto assets without prejudice to their registration in bolivars," Maduro said. .
>Accompanied by the superintendent of crypto-assets of Venezuela, Joselit Ramírez, Maduro ordered his entire government economic team to make efforts to increase the usability of the cryptoactive in the goods and services market of the South American country.
>Ramírez told Maduro that cryptocurrency exchange houses, or "exchange", can already freely change the various cryptocurrencies in the world.
"We have an expedited route that allows us to exchange cryptocurrencies digitally," said Ramirez.
>Maduro said that, in view of the unilateral coercive sanctions applied by foreign forces against his country, "prosperity is closely linked to the digital economy" and urged its population to integrate into that economic activity, "we all have to be participants in the digital economy. "


>October 16-17, Moscow: “El Petro — the 1st successful case of creating a national cryptocurrency”
>The global forum on blockchain, cryptocurrencies and mining welcomes more than 6000 people from all over the world at the Expocentre this fall.
>One of the most anticipated forum’s sections is “El Petro — the 1st successful case of creating a national cryptocurrency”. Venezuelan Ambassador Carlos Rafael Faria Tortosa and the National Superintendent of Cryptoactives Joselit Ramírez are going to speak about Venezuela being the first country to launch a cryptocurrency on a national level.
>Hyperinflation is one of Venezuela’s central problems and its citizens have started to use bitcoins and other coins as a means of payment a long time ago. El Petro became the first cryptocurrency sustained by oil.
>You can be among the first ones to learn the details of El Petro’s launch, the USA’s reaction to it and a lot more if you attend Blockchain Life 2019.
>Apart from Venezuelan delegation, top management of Huawei, Oracle, Binance, Bitmain, Listing.Help, Kaspersky, BitForex, United Traders, TRON, IOTA and of other leading industry companies is going to perform at Blockchain Life 2019.
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@smallbites ·
$0.03
This is indeed a historic moment in cryptocurrency. It’s really sad how all the negative publicity covers up this historic moment. 

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@smallbites ·
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@smallbites ·
!popcorn

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@smallbites ·
!beer

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