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Financial News: VENEZUELA: National Assembly Declares Government Cryptocur

VENEZUELA: National Assembly Declares Government Cryptocurrency Illegal

01/10/2018 - 19:11:00 (RTTNews)

(RTTNews) - The opposition-controlled National Assembly of Venezuela declared on Tuesday the illegality of Petro, a cryptocurrency created by the government of Nicolás Maduro, arguing that the cryptocurrency violates Venezuela's Constitution.

The vote on the issue was made without the presence of pro-government representatives. The decree through which Maduro created the cryptocurrency was declared null.

Opposition congressmen accused the government of issuing the cryptocurrency to "avoid control over public debt operations" and obtain financing "illegally," as well as to evade the pressures facing the country.

Maduro announced the new currency's creation last month. According to him, Petro would help Venezuela to overcome a financial blockade from the United States and thus move "towards new forms of international financing for the economic and social development of the country."

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