On October 1st, the Venezuelan government announced the official date for Petro cryptocurrency release into the market. The crypto is developed and controlled by the authorities, with the coin pegged to the country's oil value.
r/https://www.ccn.com/public-sale-of-venezuelas-state-crypto-petro-to-commence-on-november-5/
However, the announcement came with many critics, both domestic and foreign-based. The opposition, general crypto community and experts in the financial fields expressed their doubts whether this new measure will help the government to control hyperinflation Bolivar.
It remains to be seen how the market will react and whether the 110 million worth of supply will help Venezuelan economy to recover. More importantly, if successful, it will be interesting how bitcoin (and other alts) will react to a new player in the industry.
In the meantime, U.S. will not sit by idly, with President Trump already ordering domestic exchanges not to accept the said crypto.
We would also recommend readers to give our guide regarding global regulations of cryptocurrencies a read, to better understand how crypto global markets work https://www.cryptocointrade.com/about-trading/crypto-trading-regulations/.
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