{"id":1474,"date":"2018-04-04T14:42:55","date_gmt":"2018-04-04T14:42:55","guid":{"rendered":"http:\/\/baileyonlineclassroom.com\/theamericasblog\/?p=1474"},"modified":"2018-04-04T14:43:08","modified_gmt":"2018-04-04T14:43:08","slug":"news-btc-venezuelan-backed-cryptocurrency-could-be-used-by-russia","status":"publish","type":"post","link":"https:\/\/baileyonlineclassroom.com\/theamericasblog\/2018\/04\/04\/news-btc-venezuelan-backed-cryptocurrency-could-be-used-by-russia\/","title":{"rendered":"News BTC: Venezuelan-backed Cryptocurrency Could Be Used By Russia"},"content":{"rendered":"<p>Posted by: Colin Bunn<\/p>\n<p>News BTC<\/p>\n<div class=\"banner above container cf\">\n<div id=\"placement_301025_0\">\n<div id=\"placement_301025_0\"><a href=\"https:\/\/servedbyadbutler.com\/redirect.spark?MID=172179&amp;plid=740265&amp;setID=301025&amp;channelID=0&amp;CID=222037&amp;banID=519553007&amp;PID=0&amp;textadID=0&amp;tc=1&amp;mt=1522852885916498&amp;hc=99586531453a1269a76b9074b2057b46a36c8431&amp;location=\" target=\"_blank\" rel=\"nofollow noopener\"><img loading=\"lazy\" decoding=\"async\" title=\"\" src=\"https:\/\/adbutler-fermion.com\/getad.img\/;libID=474349\" alt=\"\" width=\"1100\" height=\"100\" border=\"0\" \/><\/a><\/div>\n<\/div>\n<\/div>\n<div class=\"hero container\">\n<div class=\"article-hero\">\n<div class=\"container\">\n<div class=\"content\">\n<p><a class=\"category large altcoins\" href=\"https:\/\/www.newsbtc.com\/category\/altcoins\/\">ALTCOINS<\/a><\/p>\n<h1 class=\"title\">Russia In Talks With Venezuela to Use \u2018El Petro\u2019<\/h1>\n<p><span class=\"meta large\"><span class=\"author\">RICARDO ESTEVES<\/span><span class=\"line first\">\u00a0|\u00a0<\/span><span class=\"date\">APRIL 4, 2018\u00a0<\/span><span class=\"line\">|\u00a0<\/span><span class=\"time\">1:33 AM<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"post-element container\">\n<div class=\"row\">\n<aside id=\"social-sidebar\" class=\"widgets one columns\">\n<div class=\"social-sharing\"><\/div>\n<\/aside>\n<div class=\"post-element-inner eight columns\">\n<article id=\"post-323239\" class=\"post-323239 post type-post status-publish format-standard has-post-thumbnail hentry category-altcoins tag-el-petro tag-petro tag-russia tag-venezuela\">\n<div class=\"content\">\n<div class=\"b-article__lead\">\n<p>Petro, the cryptocurrency launched by the government of Venezuela in February 2018, is being considered by Russia as a means of international transactions, according to the Venezuelan Foreign Ministry.<\/p>\n<h2>Venezuelan-backed Cryptocurrency Could Be Used By Russia<\/h2>\n<\/div>\n<p>A\u00a0Russian-Venezuelan high-level intergovernmental meeting taking place in Caracas is discussing a number of issues, including\u00a0bilateral cooperation in\u00a0the military area, railroad projects in\u00a0Venezuela, and food production. According to officials of the Venezuelan Foreign Ministry, the Bolivarian Government of Venezuela is adding the cryptocurrency Petro to the conversation.<\/p>\n<p>The meeting aims at strengthening the alliance between the two countries and the strategic partnerships between key companies, such as the Petromonagas project between Russian energy company Rosneft and Petroleos de Venezuela S.A. (PDVSA). Venezuela considers Petro as an opportunity to consolidate the strategic alliance and the trading relationship between the two countries.<\/p>\n<p>According to Time magazine, there is evidence to suggest that the Venezuelan oil-backed digital currency was helped into existence by Russian officials, bankers, and businessmen. The theory is that\u00a0<a href=\"https:\/\/www.newsbtc.com\/2018\/03\/21\/venezuelas-petro-digital-currency-russian-backed-move-us\/\">Russia wants to use the currency as an experiment in dodging US sanctions<\/a>\u00a0placed against the Eastern power.<\/p>\n<p>The oil-backed cryptocurrency had a month of presales before entering the market in March. According to Venezuela\u2019s President Nicolas Maduro,\u00a0Petro raised $735 million in\u00a0the first day of\u00a0its presale. The Bolivarian Government plans to use Petro in four\u00a0\u201cexclusive economic zones\u201d\u00a0in the country, in which it will be possible to use the cryptocurrency\u00a0\u201cfor the sale of goods and services\u201d, President Nicolas Maduro said in February.<\/p>\n<p>Despite the launch of Petro as its own national cryptocurrency, there is\u00a0<a href=\"https:\/\/www.newsbtc.com\/2018\/03\/27\/demand-bitcoin-venezuela-still-surging-amidst-economic-turmoil\/\">growing demand for Bitcoin in Venezuela<\/a>. In March, a new record was set for Bitcoin trading in Venezuela, with a total value of over 1 trillion Bolivares worth of BTC changing hands. The country is plagued by massive\u00a0inflation, which forces the Venezuelan people to find secure ways of storing value.<\/p>\n<div id=\"Liqwid_board17\"><\/div>\n<p>Bitfinex, the Hong Kong-based cryptocurrency exchange, has recently refused to list \u2018El Petro\u2019, arguing that\u00a0the digital currency offers \u201climited utility\u201d and that listing the first ever state-issued digital currency \u201ccould be construed as an attempt to circumvent legitimate sanctions against the GOV.\u201d<\/p>\n<p>Venezuela is also preparing to\u00a0launch another\u00a0cryptocurrency, backed by\u00a0gold and other precious metals. Like with Petro, cryptocurrency enthusiasts argue that a centralized government creating a decentralized currency\u00a0defeats the purpose of the technology\u00a0entirely. The United States government has warned investors that Petro appears to be an extension of credit to the Venezuelan government.<\/p>\n<p>President Donald Trump issued an order prohibiting U.S. citizens from engaging in transactions using Petro as part of a campaign to pressure to the\u00a0Venezuelan government. The Treasury Department called it \u201canother attempt to prop up the Maduro regime, while further looting the resources of the Venezuelan people.\u201d<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<p><span class=\"tags\">Tags:\u00a0<a href=\"https:\/\/www.newsbtc.com\/tag\/el-petro\/\" rel=\"tag\">El Petro<\/a>,\u00a0<a href=\"https:\/\/www.newsbtc.com\/tag\/petro\/\" rel=\"tag\">petro<\/a>,\u00a0<a href=\"https:\/\/www.newsbtc.com\/tag\/russia\/\" rel=\"tag\">russia<\/a>,\u00a0<a href=\"https:\/\/www.newsbtc.com\/tag\/venezuela\/\" rel=\"tag\">Venezuela<\/a><\/span><\/p>\n<div id=\"antc-commonAncestor_4\" class=\"article-div antc-192\">\n<div class=\"img-div\"><a href=\"https:\/\/shopnetic.com\/api\/rtb\/story\/143003\/click\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" src=\"https:\/\/shopnetic0entity-a.akamaihd.net\/rtb\/image\/5ac3939eb56d4_wide.png\" alt=\"Want to invest with profit guarantee?\" \/><\/a><\/div>\n<div class=\"text-div\">\n<h2><a href=\"https:\/\/shopnetic.com\/api\/rtb\/story\/143003\/click\" target=\"_blank\" rel=\"noopener\">Want to invest with profit guarantee?<\/a><\/h2>\n<div class=\"desc\">\n<div class=\"author-name\"><a href=\"https:\/\/shopnetic.com\/api\/rtb\/story\/143003\/click\" target=\"_blank\" rel=\"noopener\">RECOMMENDED BY ICEROCKMINING<\/a><\/div>\n<\/div>\n<p class=\"para\">The most stable mining ICO of 2018! 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Don&#8217;t miss to earn passive income.<\/p>\n<\/div>\n<\/div>\n<div id=\"antc-create_3\" class=\"banner cf\">\n<div id=\"placement_301036_0\">\n<div id=\"placement_301036_0\"><a href=\"https:\/\/servedbyadbutler.com\/redirect.spark?MID=172179&amp;plid=739071&amp;setID=301036&amp;channelID=0&amp;CID=221538&amp;banID=519552151&amp;PID=0&amp;textadID=0&amp;tc=1&amp;mt=1522852886022909&amp;hc=e37d43ad12fdffae6cec8ea474c5ec6fd64543c9&amp;location=\" target=\"_blank\" rel=\"nofollow noopener\"><img loading=\"lazy\" decoding=\"async\" title=\"\" src=\"https:\/\/adbutler-fermion.com\/getad.img\/;libID=473062\" alt=\"\" width=\"728\" height=\"90\" border=\"0\" \/><\/a><\/div>\n<\/div>\n<\/div>\n<div class=\"related-posts\">\n<h3 class=\"related-posts-title\">RELATED POSTS<\/h3>\n<div class=\"row\">\n<div class=\"six columns category-altcoins\">\n<div class=\"related-thumbnail image-hover effect-slash\">\n<figure><img loading=\"lazy\" decoding=\"async\" class=\"attachment-svecc_post_small 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wp-post-image\" src=\"https:\/\/s3.amazonaws.com\/main-newsbtc-images\/2018\/04\/03153539\/shutterstock_1018675000-400x185.jpg\" alt=\"alibaba\" width=\"400\" height=\"185\" \/><figcaption><\/figcaption><\/figure>\n<p><a class=\"category large\" href=\"https:\/\/www.newsbtc.com\/category\/altcoins\/\">ALTCOINS<\/a><\/p>\n<\/div>\n<h3 class=\"title small\">Alibaba Files Trademark Lawsuit Against Alibabacoin<\/h3>\n<p><span class=\"meta medium\"><span class=\"author\"><a title=\"Posts by Ricardo Esteves\" href=\"https:\/\/www.newsbtc.com\/author\/ricardoesteves\/\" rel=\"author\">RICARDO ESTEVES<\/a>\u00a0<span class=\"light\">|<\/span>\u00a0<\/span><span class=\"time\">APRIL 3, 2018\u00a0<span class=\"light\">|<\/span>\u00a05:30 PM<\/span><\/span><\/p>\n<\/div>\n<div class=\"six columns category-altcoins\">\n<div class=\"related-thumbnail image-hover effect-slash\">\n<figure><img loading=\"lazy\" decoding=\"async\" class=\"attachment-svecc_post_small size-svecc_post_small wp-post-image\" src=\"https:\/\/s3.amazonaws.com\/main-newsbtc-images\/2018\/04\/03072136\/seoul2-400x185.jpg\" alt=\"Seoul\" width=\"400\" height=\"185\" \/><figcaption><\/figcaption><\/figure>\n<p><a class=\"category large\" href=\"https:\/\/www.newsbtc.com\/category\/altcoins\/\">ALTCOINS<\/a><\/p>\n<\/div>\n<h3 class=\"title small\">Seoul Prepares Local Population for Digital Currencies by Launching&#8230;<\/h3>\n<p><span class=\"meta medium\"><span class=\"author\"><a title=\"Posts by JP Buntinx\" href=\"https:\/\/www.newsbtc.com\/author\/jp-buntinx\/\" rel=\"author\">JP BUNTINX<\/a>\u00a0<span class=\"light\">|<\/span>\u00a0<\/span><span class=\"time\">APRIL 3, 2018\u00a0<span class=\"light\">|<\/span>\u00a08:00 AM<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"banner bottom cf\">\n<div id=\"placement_301037_0\"><\/div>\n<\/div>\n<div id=\"disqus_thread\"><\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Posted by: Colin Bunn News BTC ALTCOINS Russia In Talks With Venezuela to Use \u2018El Petro\u2019 RICARDO ESTEVES\u00a0|\u00a0APRIL 4, 2018\u00a0|\u00a01:33 AM Petro, the cryptocurrency launched by the government of Venezuela in February 2018, is being considered by Russia as a means of international transactions, according to the Venezuelan Foreign Ministry. Venezuelan-backed Cryptocurrency Could Be Used By Russia A\u00a0Russian-Venezuelan high-level intergovernmental&#8230; <a href=\"https:\/\/baileyonlineclassroom.com\/theamericasblog\/2018\/04\/04\/news-btc-venezuelan-backed-cryptocurrency-could-be-used-by-russia\/\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1474","post","type-post","status-publish","format-standard","hentry","category-article"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/theamericasblog\/wp-json\/wp\/v2\/posts\/1474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/theamericasblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/theamericasblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/theamericasblog\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/theamericasblog\/wp-json\/wp\/v2\/comments?post=1474"}],"version-history":[{"count":2,"href":"https:\/\/baileyonlineclassroom.com\/theamericasblog\/wp-json\/wp\/v2\/posts\/1474\/revisions"}],"predecessor-version":[{"id":1476,"href":"https:\/\/baileyonlineclassroom.com\/theamericasblog\/wp-json\/wp\/v2\/posts\/1474\/revisions\/1476"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/theamericasblog\/wp-json\/wp\/v2\/media?parent=1474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/theamericasblog\/wp-json\/wp\/v2\/categories?post=1474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/theamericasblog\/wp-json\/wp\/v2\/tags?post=1474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}