• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 6 mins Shale Oil will it self destruct?
  • 12 hours NYT: Mass Immigration Roundups in U.S. to Start Sunday
  • 7 hours White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
  • 17 mins South Korea imports No Oil From Iran in June - First-Half Imports Fall 37%
  • 24 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 23 hours U.S.- Taiwan: China Says Will Freeze Out U.S. Companies That Sell Arms To Taiwan
  • 9 hours Germany exits coal: A model for Asia?
  • 4 hours Carrot And Stick: North Korea Suggests It Might Lift Weapons Test moratorium
  • 4 hours Migration From Eastern Europe Raises German Population To Record High
  • 4 hours Starlink Internet Courtesy of Tesla
  • 5 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 2 days Oil Price Could Fall To $30 If Global Deal Not Extended
  • 2 days Rising air pollution and green house effect
Libya’s Oil Revenue Takes A Beating

Libya’s Oil Revenue Takes A Beating

Libya’s oil revenue fell significantly…

Iran Tries To Seize British Oil Tanker

Iran Tries To Seize British Oil Tanker

Iranian military boats tried to…

Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount

Venezuela

Official advisors to Caracas recommend that the Petro—a new oil-backed cryptocurrency set up by the Venezuelan government to circumvent U.S. sanctions—be sold at a discount of up to 60 percent, according to a new report by Bitcoin.com

By mid-February, 38.4 million Petros could go on sale, raising $2.3 billion for the cash-starved government, VIBE, a new governmental advisory group, said. This is a large departure from the regime’s previous plan to have each coin backed by a single barrel of oil from the Orinoco belt in northern Venezuela. With a planned release of 100 million units, the Petro would have earned Caracas roughly $6 billion – if current oil prices stick.

“VIBE recommended Venezuela sell 38.4 million petros with a face value of around $2.3 billion in private placements starting on Feb. 15 at a discount of up to 60 percent,” an official document read by Reuters said. “Another 44 million petros with a face value of $2.7 billion should be offered to the public a month later.”

VIBE also had some suggestions for the use of Petros in the government’s official business:

“The [remaining petros] should be shared between the government and VIBE. The government [should] accept tax payments in petros, and state oil company PDVSA [should] incorporate cryptocurrencies in its dealings with foreign companies.”

As of last week, Venezuela was getting ready to pre-mine its cryptocurrency for an official release in just over a month from now. The country’s National Assembly had other ideas and declared the Petro illegal, though this has not stopped President Nicolas Maduro from pressing forward with his plan.

The Petro will not be privately minable in its early stages. Instead, the government will fully control its origination and distribution, according to Carlos Vargas, the Venezuelan Superintendent of Cryptocurrencies and Related Activities.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play