The Venezuelan government will create a Central cryptocurrency Bank


The national constituent Assembly of Venezuela prepares to amend the Constitution to create a Central cryptocurrency Bank. With this measure the government intends to peg the Bolivar currency sovereign state the digital asset is Petro.

The crypto Central Bank will complete the issuance and exchange of virtual currency, and to regulate the financial activities of commercial establishments. The constitutional amendments will be considered by the National constituent Assembly in September this year.

In may last year, President Maduro called to change the current Constitution of 1999, adopted during the presidency of Hugo Chavez. However, the members of the Constituent Assembly did not reach consensus on this issue, as a result of amendments had not been adopted.

About a new reform was told by a member of the Congregation Ehrmann, Escarra:

“The amendments will affect cryptocurrencies Petro, created in February 2018 to combat the economic crisis and sanctions.”

The national cryptocurrency of Venezuela

President Maduro claims that the cryptocurrency Petro secured oil reserves of Venezuela. However, these data are not confirmed by concrete figures. Cryptocurrency experts point to the low level of trust to the government of Venezuela and the lack of stability of the national currency.

In June of this year as Head of the cryptocurrency was shot Carlos Vargas, as he has failed to fulfill the government task of selling Petro $5 billion. The implementation of ambitious plans has been the successor of Vargas – ramírez Joselit.

On 25 July, President Maduro announced the release date of the new national currency, the Bolivar sovereign. Issue of new banknotes scheduled for August 20, according to government reports, the rate of the sovereign is tied to the value of the cryptocurrency Petro.

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