The President of Venezuela, Nicolas Maduro has officially revealed that ‘Petro’ mainly the country’s oil-backed cryptocurrency now will be utilized as an account element in our country.
He further confirmed the natives that the PDVSA, oil industry of the state has decided to use Petro as the ingredient of the account. In addition, the government has announced that this will help to introduce innovative salary system as well as new pricing technology for the betterment of goods and services to the Petro.
According to the official report it has stated that next Monday there will be another accounting event to discuss the pricing of the Petro. It is assumed that this will considerably be the second accounting event of the nation and have decided to begin its working as a compulsory accounting unit of the PDVSA company.
Looking at the status quo, Maduro stated that the execution of new pricing system and the salary system will give a new look to the company by improving the condition of workers and will definitely prove to gain better retail price.
The working of this new system will take place from August 20 and the sources have confirmed that now in Venezuela there will be two currencies of government trading namely the sovereign bolivar and the Petro. The two currencies will act as a basis for the upcoming system. Maduro further added that the price of the bolivar will be published daily by the Central Bank.
Maduro unveiled that last month he canceled the plan to introduce the currencies and further mentioned that now he has planned to cut off the five zeroes of the coins and not the three which was earlier decided. The main aim of doing so was that the International Monetary Fund witnessed the inflation of 1 million percent every year.
The whitepaper of Venezuela states that the Perto complies with all the necessary laws required, however, the opposition party present in the National Assembly claims that the license granted to Petro is illegal.
The report further states that some of the parts of the Perto document lack in refined arguments and cases. Most importantly using Petro will make the settlement 10% cheap for various goods and services that can be used for further settlements and increment in the market.
The whitepaper further revealed that Petro can easily be converted into U.S. dollars as well as the other currencies making it more accountable. However, still, a doubt is created that it may buy funds that were accumulated illegally by the crypto platform and eventually can be converted into oils. The oil will then be sold further with the help of oil-based companies.
Venezuelan is looking forward to grasping this opportunity and take the best out of it. Hope there newly designed technologies will work as wonder and make the industries more advanced and innovative.
Ripple is “taking over SWIFT” says Ripple CEO shutting down rumours
TRON [TRX] gets listed on Blockport exchange and Scatter desktop app
Emerging Cloud Server Cryptocurrency Mining Service Splitt Experiences Rapid Growth, Attracts Ten Thousand Investors in Less than Three Months
Ripple trying to get its lawsuit turning “XRP as Securities” to Federal Court
Stellar Lumen [XLM] on the rise after airdrop announcement, surpasses EOS in market cap
TRON Foundation to host its first “niTRon” blockchain summit in Jan 2019
CoinMarketApp, an app for crypto traders is Giving Away $600 worth of Crypto
VeChain partners with ENN providing blockchain management tool for LNG
Sun to giveaway 5K TRX, as TRON reaches 1M daily transactions
Singapore-based mobile wallet, Paycent adds support for Ripple (XRP)
Altcoins News5 months ago
Privacy vs. Transparency: US Secret Service go after Monero and Zcash
Altcoins News4 months ago
Now it’s Official BitTorrent is Now a Part of TRON [TRX]
Cryptocurrency News8 months ago
Is NSA really tracking Bitcoin addresses? Edward Snowden thinks so
Cryptocurrency News8 months ago
Large Bitcoin Mining Farm Discovered in Abandoned Russian Factory