Venezuela: Parliament Approves Crypto Bill to Combat ‘Financial Blockade’

Venezuela’s National Assembly adopts crypto laws and alterations to AML policy in order to allow global Petro trading and bypass U.S. sanctions.
The legislation was suggested by the country’s leader Nicolas Maduro and is composed of 64 articles and five terms. It supports Petro, Venezuela’s contentious oil-backed cryptocurrency, as a component of commercial exchange inside the nation, also states that products and services can also be purchased together with Petro.According to state information agency Prensa Latina, the Assembly has approved amendments to present anti-money laundering lawс. Under the new guidelines, Venezuela’s crypto trades are allegedly allowed to carry foreign exchange operations with Petro.As each Andres Eloy Mendez, the head of the special commission on crypto frameworks cited at the Ministry’s official launch, the new measures are being taken primarily to fight the “financial and commercial blockade” from the U.S. government. Mendez explained that Petro can help efficiently prevent sanctions and to establish new global business relationships, as it isn’t controlled by the state’s central bank and, thus, can’t be a subject to some restrictions.Venezuela formally established the Petro available in late October. The state-issued cryptocurrency can only be obtained at the official website or at public offices, even since the Petro electronic wallet has been suspended by Google.As Cointelegraph previously reported, Maduro together with Venezuela’s establishment, has been actively engaged in Petro marketing as it was first announced in December, 2017. Back in August, Venezuela’s president provided to utilize the coin for a unit of account for wages, products and services.In September, Maduro maintained that Petro will be used for global commercial transactions. Finally, Maduro was among the first officials who enrolled at Petro’s website and bought the digital currency.Most recently, the head of Venezuela’s petroleum firm Manuel Quevedo declared that the nation will present Petro as a unit of account because of crude oil trading into the Organization of the Petroleum Exporting Countries (OPEC) at 2019. This summer, Wired magazine known as the federal cryptocurrency a”smoke curtain” to conceal Maduro’s recent failure to reanimate the country’s fiat, the sovereign bolivar. Earlier this season, a Reuter’s report asserted that Petro was not backed by oil nor mined any place in the nation. More recently, the Economist, in its turn, also noted that Petro isn’t recorded on some of rsquo & the world . […]

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