Venezuela’s Parliament declared the cryptocurrency illegal El Petro

Venezuela’s Parliament unanimously recognized national cryptocurrency El Petro, the release of which was announced by the President of the country Nicolas Maduro, invalid and violating the Constitution.

According to representatives of the Parliament, releasing cryptocurrency El Petro, the government only wants «to evade financial sanctions, openly violate the Constitution and to legalize the illegal transaction».

After the announcement of the project of creating their own cryptocurrency, Maduro has allocated more than 5 billion barrels of oil to maintain it. He also ordered the release of 100 million coins and promised to publish a Whitepaper on 14 January. According to Maduro, the price of Petro El original should be tied to the export price of oil of Venezuela, which last week amounted to $59.07.

However, lawmakers warned investors that even if this new cryptocurrency is released, it will be considered invalid when Maduro will leave the post of President (2018 in Venezuela’s presidential elections).

Moreover, there are opinions that El Petro is not even a cryptocurrency. So, a member of Parliament Jorge Millan said: «This is not a cryptocurrency, it is a forward sale of Venezuelan oil. El Petro is designed for corruption.»

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