Venezuelan President Nicolas Maduro urged citizens to keep their own funds in the form of gold and the national cryptocurrency El Petro in order to strengthen the financial well-being of the family.
During his televised address, the head of state told the workers that in the near future they will start receiving additional payments to basic wages in the form of El Petro, instead of a fiat bolivar. Nicholas Maduro also recommended legally investing some of the bonuses received in gold and national cryptocurrency. According to him, this will help fight the economic crisis..
The day before, the President of Venezuela approved the trading of El Petro on six crypto exchanges. He announced that now anyone can convert bolivars and legal virtual currency into Bitcoin (BTC), Ethereum (ETH), Dash (DASH), Ripple (XRP) or US dollars. The state will monitor the activities of the platforms to ensure the safety of users and compliance with licensing requirements. Although one of the approved exchanges is currently operates with zero trade turnover.
El Petro has previously attracted a lot of suspicion and criticism regarding its legitimacy, collateral and capitalization. Some even called the project a scam. In the new description of the cryptocurrency, it is said that now it is provided with oil by only 50%, and the other half backed up by 20% gold and iron and 10% in diamonds.
Nicolas Maduro’s statement came as no surprise to the citizens. Back in August, he promised to add El Petro to the state wage system..
There have been major changes in the Monero project as well. After the recent update of the protocol to version 0.13.0, the confidentiality of transactions has increased, their volume has decreased, the commission has decreased, and the PoW algorithm has changed..
Venezuela: Maduro urges ALBA to join oil-backed cryptocurrency
text: Ivan Malichenko, photo: elevenews