Venezuelan Lawmaker Regard Petro Cryptocurrency Illegal

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One of the two opposition agencies of Venezuelan legislation has decided that the publication of national petrochemical cryptocurrency is illegal under national law. Anamblea Nacional, Venezuela, a group of politicians disputing with President Nicolas Maduro and his policies, declared their belief about petro-cryptocurrency as unreasonable.

Using harsh rhetoric that denounces the project is not just a fraud, it is a threat to potential investors.

Lack of Petro Cryptocurrency?

In a public statement, members of the group denounced the sale, which is said to have raised $ 735 million, arguing that this is just a symptom of the ongoing political crisis in the country.

What matters, according to the legislature, is a claim by the government that business accounts and retirement accounts need to receive a given cryptocurrency, which, if issued, will mark the first time a country issues a blockchain-based form of payment.

While this will potentially be a historic move, the lawmakers are trying to frame petro cryptocurrency because it can be another way for corrupt governments to try to embezzle funds from citizens.

In recent years, Venezuela has been rocked by high unemployment and inflation rates. As reported by The New York Times, this period also saw the introduction of a competing legislature, dubbed the National Constituent Assembly (ANC), created by President Maduro.

In turn, the ANC specifically supports the release of the petro as an act of insurrection that would allow the country to avoid harmful western sanctions.

Representative Rafael Guzman, who heads the body's financial and financial commission, is responsible for budgets, public credit, financial, monetary and exchange policies, most cited in the release.

He said in a statement: "It deepens the crisis where we live. PTR is another example of corruption, and we will come out of this crisis with the measures we have announced from this Parliament. "

As reported by CoinDesk, Venezuelans have so far been divided over the idea that they may soon be able to use government-backed cryptocurrency, in reaction to the decision, sparked by President Maduro, who is largely split on the partisan path.