Topic: [2018-03-28] Venezuela Isn’t Paying Debts in Crypto Petro: Russian Official (Read 79 times)
March 28, 2018, 02:15:29 PM
If you read the petro white paper, you will see there is almost no technical description, but a crappy-political speech. Any nation should distrust those incompetents for paying their debts with their cryptocurrency based on air...
March 28, 2018, 01:40:28 PM
As usual, Madero is ridiculizing himself. How in the world might such a corrupt government think about being credible? They can say anything they want, but they also need to show some proof to the world if they want to succeed in their pathetic attempt of becoming crypto developers...
First of all, they claim Petro is based on their own oil and Venezuela truly has millions of gallons, so? Have they even concrete how much gallons are going to support their crypto? Can they change the price of their stupid crypto everytime they want to?
And.. if it is still an ICO, How in the world are they thinking even on paying their debts this way? Unbelievable...
March 28, 2018, 01:33:07 PM
Sure it isn't, looks like Petro means nothing right now, Russians will not accept it in terms of paying debts
March 28, 2018, 01:18:02 PM
Why would Russian official want their debt to be paid in state owned cryptocurrency, Petro?
Petro is not really a cryptocurrency – it is a digital security or token, backed by oil reserves. You are not buying anything that can be freely mined and traded on open cryptocurrency exchanges. The mining is controlled by the government. It is therefore simply a digital form of debt from a country with no financial credibility and that is badly mismanaging its economy. Once trading starts, it’s hard to see the price volatility that we have seen in other cryptocurrencies, because the price is essentially controlled by the government. It is not linked to supply and demand.
I don't see the benefit of accepting Petro as a debt payment for Russian officials.
Petro is not really a cryptocurrency – it is a digital security or token, backed by oil reserves. You are not buying anything that can be freely mined and traded on open cryptocurrency exchanges. The mining is controlled by the government. It is therefore simply a digital form of debt from a country with no financial credibility and that is badly mismanaging its economy. Once trading starts, it’s hard to see the price volatility that we have seen in other cryptocurrencies, because the price is essentially controlled by the government. It is not linked to supply and demand.
I don't see the benefit of accepting Petro as a debt payment for Russian officials.
March 28, 2018, 11:09:53 AM
Who will buy them, Petro? Cryptocurrencies that produce the state are doomed to failure. I am sure that Maduro's dream to shift Venezuela's debt to the shoulders of international investors will fail. Russians are not fools. They can take Maduro's cryptocurrency from him, but for that, they'll Rob Venezuela for a few 10 years.
March 28, 2018, 10:27:24 AM
A senior Russian official has confirmed that Venezuela’s debt to Russia, a total of $3.15 billion owed to the Kremlin over a 10-year period, will not be repaid in any part with Venezuelan state cryptocurrency petro.
Konstantin Vyshkovsky, chief of the Russian finance ministry’s state debt department, told reporters on Tuesday that Venezuela has not offered to pay part of the debt owed to Russia with its oil-backed state crypto petro. According to Reuters, Venezuela’s restructured debt repayment deal – signed last year – sees the South American country pledge to make “minimal” repayments to the Kremlin over the next six years toward ultimately paying back a total of $3.15 billion over a decade.
Trumpeted by Venezuelan President Nicolas Maduro, the petro was launched in February as the world’s first-ever official state cryptocurrency. Backed by Venezuela’s oil reserves wherein the value of a barrel of oil is directly pegged to the value of a single petro token, the cryptocurrency was launched as a means to evade sanctions enforced by the United States.
The Russian official’s revelation comes soon after a dramatic report from Time Magazine that pointed to ties between Russia and Venezuela in the development of the latter’s cryptocurrency. Russian President Vladimir Putin was briefed on the effort and personally “signed off on it last year” the report claimed, pointing to Denis Druzhkov and Fyodor Bogorodsky as the two key Russians involved as Maduro’s advisers on the petro.
The report, incidentally, was published within a day of US President Donald Trump issuing the first-of-its-kind executive order barring American citizens and residents from trading or acquiring the petro.
However, the Kremlin quickly dismissed the Time Magazine report as ‘fake news’ and a “blatant lie”.
Although admitting to being privy to Venezuela’s cryptocurrency project, Russia’s deputy director of Information and Press Department of the Russian Foreign Ministry Artyom Kozhin said there was “no way” that Russian financial authorities every participated in the project.
“During the course of the meeting held on February 21, 2018 in Moscow, Venezuela’s Minister of Economy and Finance Mr. [Simon] Zerpa indeed handed over a booklet on the cryptocurrency to the Russian Finance Minister exclusively for the purpose of informing Russian partners about this project”, the official stated over the weekend. “None of the parties mentioned, discussed or reviewed the topic of cryptocurrency use in Russian-Venezuelan cooperation.”
Building upon claims to have raised $735 million on its first day of launch, Venezuelan president Maduro recently said the still ongoing token sale has raised over $5 billion to date. The numbers, however, do not add up.
https://www.ccn.com/venezuela-wont-pay-debts-in-state-crypto-petro-russian-official/
Konstantin Vyshkovsky, chief of the Russian finance ministry’s state debt department, told reporters on Tuesday that Venezuela has not offered to pay part of the debt owed to Russia with its oil-backed state crypto petro. According to Reuters, Venezuela’s restructured debt repayment deal – signed last year – sees the South American country pledge to make “minimal” repayments to the Kremlin over the next six years toward ultimately paying back a total of $3.15 billion over a decade.
Trumpeted by Venezuelan President Nicolas Maduro, the petro was launched in February as the world’s first-ever official state cryptocurrency. Backed by Venezuela’s oil reserves wherein the value of a barrel of oil is directly pegged to the value of a single petro token, the cryptocurrency was launched as a means to evade sanctions enforced by the United States.
The Russian official’s revelation comes soon after a dramatic report from Time Magazine that pointed to ties between Russia and Venezuela in the development of the latter’s cryptocurrency. Russian President Vladimir Putin was briefed on the effort and personally “signed off on it last year” the report claimed, pointing to Denis Druzhkov and Fyodor Bogorodsky as the two key Russians involved as Maduro’s advisers on the petro.
The report, incidentally, was published within a day of US President Donald Trump issuing the first-of-its-kind executive order barring American citizens and residents from trading or acquiring the petro.
However, the Kremlin quickly dismissed the Time Magazine report as ‘fake news’ and a “blatant lie”.
Although admitting to being privy to Venezuela’s cryptocurrency project, Russia’s deputy director of Information and Press Department of the Russian Foreign Ministry Artyom Kozhin said there was “no way” that Russian financial authorities every participated in the project.
“During the course of the meeting held on February 21, 2018 in Moscow, Venezuela’s Minister of Economy and Finance Mr. [Simon] Zerpa indeed handed over a booklet on the cryptocurrency to the Russian Finance Minister exclusively for the purpose of informing Russian partners about this project”, the official stated over the weekend. “None of the parties mentioned, discussed or reviewed the topic of cryptocurrency use in Russian-Venezuelan cooperation.”
Building upon claims to have raised $735 million on its first day of launch, Venezuelan president Maduro recently said the still ongoing token sale has raised over $5 billion to date. The numbers, however, do not add up.
https://www.ccn.com/venezuela-wont-pay-debts-in-state-crypto-petro-russian-official/
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