The National Assembly of Venezuela, which includes many of the political opponents of President Nicolas Maduro, declared the state cryptocurrency El Petro illegal. Officials called the project not only fraudulent, but also representing a serious risk for potential investors, the ministry said.
In their public statement, Assembly members opposed the sale of El Petro coins, calling it “just a symptom of a political crisis in Venezuela.” In addition, officials resented the government’s statements that companies and pension funds will be required to accept cryptocurrency after its release, as this will become a world precedent.
According to officials, despite the potentially historical significance, El Petro is just another tool of a corrupt government for appropriating citizens’ money.
“This only exacerbates the crisis in which we live. El Petro is another example of corruption. But we will emerge from this crisis by the methods proposed by the Parliament,” said the representative of the National Assembly, Rafael Guzman.
In turn, the Constitutional Assembly of Venezuela, created by the President Maduro, a competing legislative body, supports the release of El Petro as an “act of insurrection” against the harmful sanctions of the West.
Recall, the Venezuelan authorities announced the attraction of $ 735 million on the first day of presale cryptocurrencies El Petro.