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Petro Unconstitutional? Venezuela’s National Assembly Calls It A Fraud

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After much hype surrounding Venezuela’s recent breakthrough in the crypto world, namely Petro, it seems that the project is under criticism again. In a shocking twist, Venezuela’s national assembly has deemed Petro to be unconstitutional. It has criticized the country’s oil-backed currency through a public statement, labeling it as a “fraud” and warning investors to stay away from it.

Much of the criticism stems from the unconventional nature of Petro’s token sale in general.  According to the Venezuelan President, the project had raised over $735 million, which has raised a lot of eyebrows in the administration. Lawmakers have deemed it a result of the ongoing political crisis in the South American countries.

Reasons for Doubting Petro

  • One of the foremost reasons of doubting the credibility of Petro is when one takes the buyer’s manual into consideration. It indicates that the PTR token will work on the chain of NEM blocks during the pre-sale stage. Investors remain wary of NEM, partly due to the 2015 incident involving a larceny of $500 Million. Experts believe that Petro will be built on top of the NEM network with a possibility of a swap with the ERC20 token at a later period. There is a possibility that Venezuela could be using a NEM-derived code to develop a new ledger. No officials from NEM have any comment on this matter whatsoever.
  • A Majority of cryptoanalysts, economists and even political opponents, including the Congress controlled by the opposition have been vocal against the project. According to some of them, it is nothing but a vehicle of corruption. Some senior lawmakers in the U.S. have also indicated that it is nothing but a ploy by the country to navigate past the economic sanctions imposed on the South American nation. Overall the crypto community’s response was mixed. Some journalists like Max Keiser have expressed his support of the project and its effect on the country’s hyperinflation.
  • The resentment regarding Petro had manifested after the recent actions of forcing businesses and retirement accounts alike to accept and adapt it. Rafael Guzman, who has been a strongly voiced critic of Petro since its inception, has claimed that the project is merely a way for the government to embezzle funds. According to him, the project is not the solution for the country’s dire economic predicament and is a sure sign of corruption on the part of the government.
  • Francisco Sucre, another well-known critic of the project has highlighted one particular point. National Assets cannot be used as collateral, meaning Petro cannot be backed by Venezuela’s oil reserves. He also added that due to the current state of politics in the country, the situation has become even more complicated.
  • According to Prosperi , “The PTR began with a war of lies when Maduro said it was the first virtual currency, mentioned at the time of highlighting the monetary reconversion and the entry into force of the Bolívar Fuerte, and they said that from there the strength of our currency would emerge, On the contrary, it has lost value daily, and the Sucre was presented as a currency that would exceed the dollar.”

Final Thoughts

In spite of the harsh criticism it has been receiving, Petro also has its own share of fans and backers. State-owned companies and the country’s airlines were ordered by Venezuelan Leader Nicolas Maduro to accept this cryptocurrency. If implemented right, Venezuela can experience serious economic improvement and stability. According to many, Petro will fix the problem with the Bolivar, Venezuela’s currency which has steadily declined in value.

Petros’ new mechanism could attract international investors which will result in lifting up the country’s current credibility index. The Chinese Credit Rating giant Dagong has claimed that Petro will help the global currency system in the long run.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of David Hernandez via Flickr

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore
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Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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