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Petro’s value raised as Venezuelan government plans to combat “criminal dollar”

Akash Anand



Petro's value raised as Venezuelan government plans to combat "criminal dollar"
Source: Unsplash

The world of cryptocurrencies has seen many ups and downs recently with several proponents in the space pushing hard for the mainstream adoption of digital assets. One unlikely candidate has been Petro, the state-backed cryptocurrency created by the Nicolas Maduro-led Venezuelan government.

The cryptocurrency has drawn a lot of flak from its citizens as well as bodies from around the globe, the main issue pertaining to the lack of oil that Petro is supposed to be linked to. Another major issue in Venezuela is the rampant rise of inflation and the growing dissidence in the public forum.

The latest update on Petro from the government of Venezuela states that the value of the cryptocurrency will be hiked to 36,000 sovereign bolivars. The state said that the increase and a higher minimum wage is aimed to combat the “criminal dollar”. In a video, Maduro stated:

“I want us to create a great alliance to produce and create new formulas of investment and financing.”

The newly proposed plan is to increase the minimum wages by 300 percent to 18,000 bolivars per month, while simultaneously increasing the value of Petro by four times. The President has said that this new framework will stabilize the crumbling economy, an economy that analysts predicted would touch the rate of 1 million percent in 2018.

Criticisms against the new model are far-ranging, involving economists and opposition leaders. Juan Guaido, the leader of the Nation Assembly of Venezuela, had said:

“Today, Nicolas Maduro mocks the Venezuelan people, once again, after taking economic measures that only bleed more in the pocket of Venezuelans. The Venezuelan economy does not improve with an increase in the salary.”

Elsewhere, Asdrubal Oliveros, the director of Econalitica, a research organization, gave his opinion by saying:

“There is no intention to rectify the direction of the economy so it will continue on its deteriorating path in 2019.”

Petro was also in the news recently when Nicolas Maduro’s government filed a complaint in the World Trade Organization [WTO] against the sanctions taken by the United States. The complaint read:

“The United States has imposed certain coercive trade-restrictive measures on the Bolivarian Republic of Venezuela in the context of attempts to isolate Venezuela economically.”

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John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more





John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
Source: Unsplash

Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!

4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!

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