The new Venezuelan cryptocurrency the Petro logo is seen as Minister for University Education, Science and Technology Hugbel Roa talks to the media during a news conference in Caracas, Venezuela, January 31, 2018. REUTERS/Marco Bello
Reuters: Venezuela cryptocurrency to draw investment from Turkey, Qatar-official
CARACAS (Reuters) - Venezuela’s new “petro” cryptocurrency will attract investments from Turkey, Qatar, the United States and Europe, the country’s cryptocurrency regulator said on Friday.
The government of President Nicolas Maduro, which says the petro will help skirt financial sanctions by Washington, has scheduled the first petros sale for Tuesday.
Skeptics say that concerns about Venezuela’s financial solvency will likely limit investor interest, while the U.S. Treasury Department has warned the petro may violate sanctions against the OPEC nation.
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Update: Venezuela launches the ‘petro,’ its cryptocurrency (Washington Post)
WNU Editor: This is the golden rule when it comes to investing. Is the product sound .... cryptocurrencies are hot right now, and there are many who are interested in investing. What are the conditions behind the sale .... in this case there is a 60% discount .... that is excellent ... too good to be true. The third rule (and most important one) is to look at the people .... in this case it is the same government that wrecked the Venezuelan economy who are now pushing this product. Oh! Oh! Investor beware!
4 comments:
A fraction of a penny's worth of an industrial metal quoted in ton lots only because it's so lacking in an inherent value. If the design stamped on it was a tulip bulb.............
It is morally wrong to allow suckers to keep their money. PT Barnum[?].
Roger Smith
A petro and a fiver will get you a cup of coffee at Starbucks
I agree the Venezuelan government wrecked the economy. As such, a cryptocurrency isn't going to help them. This is my diagnosis. This is your diagnosis.
Others disagree. They believe the Venezuelan government is sound and is a good investment. In their opinion, it is US sanctions that have wrecked the Venezuelan economy and the cryptocurrency is a way around the sanctions. Who is right?
I personally think rampant anti-Americanism clouds the judgement of certain investors. If the sanctions are eliminated the Venezuelan economy collapses faster and the sooner recovery for Venezuela can begin. Sanctions have an additional problem of undermining the role of the US dollar as world reserve currency and all but ensure an undesired "hard landing" for the US economy when it inevitably does happen.
I also agree with the golden rule of investing. I couldn't have put this better myself.
Maduro never miss an opportunity to be ridiculous. But we have to congratulate him for being consistent on this way.
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