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Maduro: Petro token to launch 20 February

31 January 2018 21:00, UTC

The national cryptocurrency in Venezuela will be launched 20 February 2018, tells Nicolas Maduro, President of the country since 2013. He estimates the initial price of this cryptocurrency at $60 per coin. As he believes, the country would be able to breach the economic blockade.

There is a high level of uncertainty in this initiative due to the fact that Nicolas Maduro has demonstrated his professional skills to be quite mediocre to say the least. When it comes to prices, for example, he seriously believes that ordering the local stores to trade goods at “fair” prices on the state level was going to fix the problem of expensive food and necessities. In reality, this order led to deficit reminding of the late 1980s in the Soviet Union.

And by the way, the local opposition-led parliament has already declared Maduro’s token illegal, which didn’t seem to halt the initiative. The opposition thinks this token will be connected with fraud oil trades in advantage of Maduro and his friends.

Meanwhile, the Russian cryptoruble is seemingly abandoned after the local officials almost openly rejected the idea, and Steven Mnuchin, Treasury Chair in the United States, told that the Federal Reserve had been investigating the possibility of a state cryptocurrency equivalent to dollar, but in the end abandoned the concept as well.