Venezuela is the first country to issue its own digital currency.
Though Maduro and key figures in the United Socialist Party are showing enthusiasm for the new cryptocurrency, however, public interest has clearly dropped since the sale announcement made last month.
Talking from the state housing complex, Mirador de Caiza in the state of Miranda, Venezuelan President Maduro says that with the February 20 launch of the Petro, which saw the sale of 82.5 million units and earned the country a reported US$735 million, Venezuela is "financially free" from the heightened USA economic sanctions against the country. At this time, the Venezuelan economy faces hyperinflation, along with the potential collapse of its currency.
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The executive order is a follow up to the sanctions that were placed on Venezuela by the United States this past December since the Petro was seen as a work around by the Maduro regime. However, Mr Maduro stated the oil-backed cryptocurrency would be a flawless tool for outfoxing sanctions and earning precious money flow back into the country. "Those who work to support the Maduro regime and provide it a financial lifeline have chosen their lot and should expect to face the full consequences of turning against their people".
Trump signed an executive order barring the use of any digital currency issued by the Maduro government since January 9. Thus the citizens of Venezuela should not suffer much from this ban since Venezuelans are utilizing other cryptocurrencies to escape the awful policies of their government. Then while governments place sanction on the Maduro regime in an attempt to weaken it, the Dash community is volunteering to give direct aid to Venezuelans by donating Dash. The Head of State said that the objective of the Gran Mision Venezuela Vivienda is to arrive at the five million homes built to assign them to the same number of families.
The Russian government denied this account, with the Finance Ministry telling Time that "none of Russia's financial authorities were involved in the petro's creation", while Venezuelan officials did not respond to the magazine's request for comment. If those materialize into actual sales, it would be a windfall equivalent to more than half of Venezuela's dollar reserves - money the government is desperately clutching onto as it juggles re-paying billions in defaulted bonds while trying to eradicate widespread shortages.