Altcoin

Maduro Orders State-Run Firm to Sell 4.5M Oil Barrels for Petro

single-image

bitbond bitcoin lending

Venezuela will soon sell oil from reserves of a state-run oil and gas company for its national oil-pegged cryptocurrency, the Petro (PTR).

Venezuelan President Nicolas Maduro has signed a decree to sell 4.5 million barrels of oil from the certified 30 million-barrel reserve maintained by Petroleum of Venezuela (PDVSA), the state-owned company officially announced on Jan. 14.

According to PDVSA, Maduro announced the news in a speech before the Constituent National Assembly — an assembly elected in 2017 to draft a new constitution for Venezuela. 

Oil sales to be an exploration mechanism 

Once the initial sale of 4.5 million barrels is completed, the firm will sell 50,000 barrels per day, denominated in Petros, as an “exploration mechanism” for the oil-backed stablecoin. Maduro said that the trial will be vital for the consolidation of Petro, stating:

“We are preparing for the second phase that will allow more efficient use of cryptocurrency.”

Moreover, Maduro also decreed that all airplane fuel used for covering international routes should be sold for Petros. The president reportedly said that this scheme will allow Venezuela to “open roads to the new economy” and build a world of “peace and integration of peoples, their happiness and improvement.”

Maduro said that the Petro will be an important tool for the country’s fight against the mafia.  Maibort Petit, a Venezuelan writer and journalist, quoted Maduro:

“A lot of people don’t want to switch to the Petro because they have their business in dollars. Mafia and other thieves don’t like the cryptocurrency because it cuts off their hands.”

Some commentators have taken to Twitter to oppose Maduro’s plan, claiming that the Petro is a “robbery disguised under 4.5 million barrels.” Some argued that selling oil from the country’s national reserves violates the constitution of Venezuela.

As reported by Cointelegraph in November 2019, Maduro purportedly cut the Petro’s backing from five billion barrels of oil to 30 million. The sharp decline was allegedly a result of United States sanctions on PDVSA.

Launched in February 2018, the Petro became the world’s first national oil-baked cryptocurrency. In late 2019, Maduro ordered that Venezuelan retirees and pensioners should get their Christmas bonus in the Petro. Despite Maduro ordering Banco de Venezuela to start accepting PTR in July 2019, the Petro is purportedly still not used in the country.





Source

Leave a Reply

avatar
  Subscribe  
Notify of

You may also like

Bitcoin

Bitcoin Has Gained $600 for 3 Consecutive Mondays — Price Hits $7,400

single-image

bitbond bitcoin lending

Bitcoin (BTC) bulls showed up early Monday morning and took full control of Bitcoin price by sending the price through the $6,900-$7,200 resistance zone to a nearly 4-week high of $7,454. The surge to $7,454 occurred as the United States’ markets opened strong, leading the S&P 500 and Dow to rally 7.03% and 7.73%, respectively. 

It seems investors are beginning to gain some confidence as the rate of novel coronavirus infections begins to slow down in Italy, Spain and China along with murmurs of additional financial stimulus packages from governments. 

Crypto market daily price chart

Crypto market daily price chart. Source: Coin360

BTC price bullish but the future is in flux

Bitcoin’s strong upside move pulled the price above the rising wedge trendline and through the $6,900 level which has functioned as a…

View More Article
Bitcoin

Bitcoin Price Will Go Up as Only Profitable Miners Remain: Data Analyst

single-image

bitbond bitcoin lending

Approximately 4-weeks ago global equities markets were in distress as investors finally realized that the coronavirus was not just an illness restricted to China, but rather a global pandemic which could permanently damage economics across the globe. 

Crypto markets were not shielded from the mayhem that led the S&P 500 and Dow to post some of the biggest losses since the 2008 global financial crisis and investors will recall that on March 13 Bitcoin (BTC) price dropped more than 50% in the span of 24-hours. 

To date, the volatility and fear within financial markets remain and the future forecast for equities markets is still gloomy but some investors are at least beginning to feel that the absolute worst has passed. 

As is customary in the crypto sector, when a catastrophic event occurs, analysts, traders, soothsayers and crypto Twitter personalities peer through the dust and rubble…

View More Article
Blockchain

What is Prime Brokerage, and Will it Gain Traction in Crypto?

single-image

bitbond bitcoin lending

From margin trading to futures, many services have made the leap from traditional financial instruments to cryptocurrency. But there’s one that has yet to enter the consciousness of most crypto traders: prime brokerage.

Here, Bequant CEO George Zarya explains why 2020 could be the year that this technology starts to gain momentum, how it’s used across commodities and equities, and what it could deliver to those who currently own digital assets.

1. Can you explain prime brokerage simply? And why isn’t it common in the crypto world?

The main pain point a prime broker is solving for its clients is efficiency of collateral management. This means that clients may access multiple liquidity venues through one window, manage their collateral and settlements efficiently, and have access to leverage based on their overall portfolio, or so-called portfolio margining. 

The crypto world…

View More Article
Blockchain

BitMEX Operator Gives $400K Sponsorship to Cybersecurity Nonprofit

single-image

bitbond bitcoin lending

HDR Global Trading, the operator of crypto exchange BitMEX, is giving a $400,000 grant to the cybersecurity nonprofit Shadowserver Foundation.

In an April 6 statement on the company’s blog, HDR Global Trading announced that it would offer $400,000 to the organization over the next four years. The BitMEX operator will be acting as a member of the nonprofit’s new industry alliance for Internet security.

Richard Perlotto, Shadowserver Director, thanked HDR for “their rapid response to our call for help” and emphasized the organization’s commitment to fighting cybercrime. The director is referring to IT firm Cisco Systems pulling their support for Shadowserver in February, precipitating a call for new sponsors. 

Samuel Reed, Co-Founder and Chief Technology Officer (CTO) of BitMEX, said:

“Shadowserver is an extremely highly regarded player in the botnet defence community. They work tirelessly and make a…


View More Article
Blockchain

Tezos Co-Founder Hints That Her Trading Card Game Will Use Alternative Blockchain

single-image

bitbond bitcoin lending

Tezos co-founder Kathleen Breitman has left open the possibility that her trading card game Emergents may not be built on the company’s blockchain, according to statements made on April 5.

According to the Reddit post, Kathleen pointed out that Emergents might not be using Tezos blockchain technology, saying she had not yet decided on the platform she will use in the game.

In a comment left on the post, she added the following:

“The alpha doesn’t have a marketplace, it’s an alpha. The white paper doesn’t describe any feature that could not be satisfied by any other smart contract platform. I have an obligation to my investors to pick a platform with certain properties, and I am not bound to Tezos.”

Emergents was announced in March, as reported by Cointelegraph. It was advertised as a blockchain-based game competitor…


View More Article
Bitcoin

Bitcoin Price Rallies Higher but Must Hit $8K to Start a Bull Market

single-image

bitbond bitcoin lending

Bitcoin (BTC) closed the week up 15.4% at $6,775 and has started the day with a further 6% move to the upside, breaching the $7,000 handle and making highs at $7,300. 

Looking at performance relative to its peers, Ether (ETH) and EOS have posted an impressive 16% gain over the last 24 hours. As a result, Bitcoin dominance is down 1.5% at 65%.

Crypto market daily price chart. Source: Coin360

The total cryptocurrency market capitalization breached the $200 billion level, breaking from the diagonal resistance dating back to February when the total market value briefly touched $300 billion. 

Total Cryptocurrency Market Capitalization chart. Source:

View More Article
Blockchain

Most of China’s DLT Firms That Closed in 2019 Were Scams or Poorly Planned

single-image

bitbond bitcoin lending

Most of the blockchain firms that closed in 2019 were cryptocurrency scams or had deficient business models, according to recent research.

Research sent to Cointelegraph by Chinese market research firm EqualOcean on March 26 suggests that most blockchain-backed Chinese businesses that halted their activity last year had major flaws.

Short-lived companies

The report found over 70 blockchain projects that shut their doors last year. Among them over 70% of the projects reportedly did not survive their first year and 30% did not last 6 months. The research reads:

“A considerable number of which were crypto exchanges that involved scams, digital wallets and decentralized applications that used multiple-level marketing, and public blockchains that did not have a defined business model.”

Per the report, “China’s blockchain scene in 2019 was more or less like a slow recovery after a high fever.” Overall, last year China’s…


View More Article
Bitcoin

Finding Satoshi Is Like Finding a Malware Author

single-image

bitbond bitcoin lending

Charles Hoskinson suggests applying stylometric techniques to find Satoshi Nakamoto, but there is a caveat.

Stylometrics

In an April 5 interview, Ethereum (ETH) co-founder and founder of Cardano (ADA) Charles Hoskinson suggested that the most effective way to find the person or team behind Bitcoin (BTC) is to apply stylometric techniques. 

Stylometry is the application of the study of linguistic style, usually to written language. This technique had been previously applied to Satoshi Nakamoto’s writing without conclusive results.

Use the code instead

Hoskinson suggested instead of using Nakamoto’s writing, use his code. Hoskinson explained to Cointelegraph why this could be a more effective technique:

“Yes dramatically more efficient. Code stylometry is much more accurate. Here’s a paper…


View More Article