Venezuelan Crypto Petro(PTR) declared illegal in Parliament

Petro(PTR) the Venezuelan cryptocurrency backed nation’s energy resources is said to have raised around $735 Million since its debut last month.

On Tuesday, in a release from the Venezuelan National Assembly, the Parliament comprising of the NA lawmakers had declared the issue of the Petro(PTR) illegal

The National Assembly was left reeling after the attacks on it last year and the secession of its powers to the newly formed Constituent Assembly by the hand of President Nicolas Maduro.

In the parliamentary session, a debate was held on the implementation of the Petro(PTR) . After which the AN approved an agreement in rejection of the financial mechanism and has alerted the potential investors and other players within the crypto currency market about the unconstitutional nature of this issuance.

The AN also nullified “the forced demand of the PTR that the Executive intends to implement on Venezuelans,” as the president of the Permanent Finance Committee deputy Rafael Guzmán said when hinting to the government’s intention to force workers to acquire Petro through savings banks.

“They want to continue embezzling the national Treasury, not only damaging the National Integrated Customs and Tax Administration Service (Seniat) forcing them to receive a devalued currency, but illegal papers,” he said.

They also highlighted the problems related to the sale such as the lack of information regarding the investors involved and the sheer problem of investing in a guaranteed currency with assets that are bearish in price for now like oil.

Some of the other points considered were that the reserves are of the Republic, that the issuance of the Petro(PTR) violates the rules for issuing coins and that the Executive intends to escape of the Legislative controls.

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