venezuela to create digital currency amid financing crisis
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today
Almaghrib Today, almaghrib today
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today

Venezuela to create digital currency amid financing crisis

Almaghrib Today, almaghrib today

Almaghrib Today, almaghrib today Venezuela to create digital currency amid financing crisis

Over the past year, the Venezuelan bolivar has plummeted 95.5 percent against the dollar on the black market
Caracas - Al Maghrib Today

Venezuela is creating a digital currency to combat a financial blockade by the United States, President Nicolas Maduro announced Sunday.

The Petro will be backed by Venezuela's oil and gas reserves and its gold and diamond holdings, the president said in his weekly television program.

"This is going to allow us to move toward new forms of international financing for the country's economic and social development," the president said.

The government also announced the creation of a "blockchain observatory" -- a software platform for buying and selling virtual currency.

Although the president did not offer many details, analysts such as Henkel Garcia see the possibility of success as limited.

"You can build it, but trust, acceptance and use is what will determine the cryptocurrency's success. For me, it will be quite limited. The bolivar is is also backed by reserves and has no strength," Garcia, director of consultancy Econometrica.

"Confidence in a country is going to depend on the levels of production and the wealth it generates. For example, people trust the dollar for the levels of wealth associated with it," he said.

The announcement comes as Venezuela faces acute financing problems after creditors and ratings agencies declared the government and state-run oil firm PDVSA to be in partial default for missing interest and principle payments on bonds.

Maduro blames sanctions imposed by the United States in August barring American citizens and companies from buying any new Venezuelan government or PDVSA bonds.

Venezuela is mired in a deep economic crisis triggered mainly by a fall in crude oil prices and a drop in oil production. Petroleum is its main source of hard currency.

Over the past year, the Venezuelan bolivar has plummeted 95.5 percent against the dollar on the black market.

Virtual currency is not new for Venezuela -- considered by specialists a haven for bitcoin production with minimal costs.

It is estimated that tens of thousands of people mine bitcoin to protect themselves from inflation -- set to surpass 2,300 percent in 2018 -- by exchanging earnings for dollars or more bitcoin.

In Venezuela, a the law does not expressly prohibit mining bitcoin -- experts say officials are involved -- but the authorities persecute those who do it for power theft.

Source: AFP

almaghribtoday
almaghribtoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

venezuela to create digital currency amid financing crisis venezuela to create digital currency amid financing crisis

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

venezuela to create digital currency amid financing crisis venezuela to create digital currency amid financing crisis

 



Almaghrib Today, almaghrib today Skincare PR Performance Full Year 2017

GMT 09:22 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Almaghrib Today, almaghrib today New hunt for flight MH370 gets under way

GMT 11:03 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Almaghrib Today, almaghrib today Modern colorful bedroom renovation

GMT 10:57 2017 Thursday ,21 December

Modern colorful bedroom renovation
Almaghrib Today, almaghrib today Puigdemont candidate for Catalan president

GMT 13:56 2018 Tuesday ,23 January

Puigdemont candidate for Catalan president
Almaghrib Today, almaghrib today Turkey detains dozens more

GMT 10:47 2018 Wednesday ,24 January

Turkey detains dozens more
Almaghrib Today, almaghrib today The Rake announces editorial updates

GMT 10:46 2018 Tuesday ,16 January

The Rake announces editorial updates
Almaghrib Today, almaghrib today Europe brings on charm and blue skies

GMT 11:51 2018 Tuesday ,23 January

Europe brings on charm and blue skies
Almaghrib Today, almaghrib today For the Variety of Interior Design Styles

GMT 10:46 2017 Tuesday ,19 December

For the Variety of Interior Design Styles
Almaghrib Today, almaghrib today US Christian tourists see deep meaning

GMT 13:44 2018 Monday ,22 January

US Christian tourists see deep meaning
Almaghrib Today, almaghrib today Amazon to open first cashierless shop

GMT 10:03 2018 Tuesday ,23 January

Amazon to open first cashierless shop

GMT 12:58 2017 Wednesday ,09 August

Israel ‘guilty of war crimes’ for Jerusalem

GMT 11:13 2017 Wednesday ,29 March

Seoul approves North Korea women's hockey visit

GMT 05:11 2017 Monday ,20 March

Rock ‘n’ roll pioneer Chuck Berry dead at 90

GMT 08:41 2017 Monday ,11 December

Christian Louboutin releases

GMT 11:15 2017 Monday ,14 August

Amir Karara decides to spend holiday in N.Coast

GMT 11:58 2017 Thursday ,02 March

Oman celebrates Crafts Day

GMT 12:15 2012 Wednesday ,25 July

New KIA Carens to debut at Paris motor show

GMT 13:56 2017 Saturday ,21 October

judged harshly because of success

GMT 20:46 2012 Saturday ,30 June

Brussels euro crisis summit fruitful

GMT 17:52 2017 Tuesday ,28 November

Tokyo stocks snap three-day winning streak

GMT 19:21 2017 Tuesday ,02 May

Infiniti Q60 Coupe: Born to perform

GMT 18:56 2012 Monday ,12 March

Geneva Motor Show

GMT 09:07 2017 Sunday ,30 April

Zafer Al Abdeen is ready for Ramadan

GMT 19:26 2017 Monday ,20 November

Kenya's Supreme Court upholds Kenyatta election win

GMT 08:50 2017 Friday ,01 December

Israel carries out Gaza strikes after mortar fire

GMT 00:11 2017 Monday ,13 March

Dubai surgeons repair 3-year-old girl’s heart

GMT 10:58 2011 Sunday ,11 September

Firework, music soiree greets Mid-Autumn Festival

GMT 18:22 2017 Monday ,04 December

Pure Package Wellness Awards 2018 entries now open
Almaghrib Today, almaghrib today
 
 Almaghrib Today Facebook,almaghrib today facebook  Almaghrib Today Twitter,almaghrib today twitter Almaghrib Today Rss,almaghrib today rss  Almaghrib Today Youtube,almaghrib today youtube  Almaghrib Today Youtube,almaghrib today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

.almaghribtoday .almaghribtoday .almaghribtoday .almaghribtoday
almaghribtoday almaghribtoday almaghribtoday
almaghribtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
almaghribtoday, Almaghribtoday, Almaghribtoday