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National Assembly Declares Government Cryptocurrency Illegal — VENEZUELA

11 Enero 2018

The boat left from the western coast of Venezuela but broke apart several miles before reaching Curacao said a Venezuelan family member of one of the passengers on board who survived.

When the $800 million deal closes, some of the money will be kept apart - with that unpaid Venezuelan debt in mind.

Venezuela is in the throes of a deepening crisis caused by falling oil prices, spiraling inflation, and corruption that has decimated the oil-rich South American country's economy.

"Article 3 of the Organic Hydrocarbon law of Venezuela establishes that oil reserves [can] not [be] exploited, that is to say, those that are in the subsoil and that are very abundant, cannot be placed as a guarantee of any commercial or financial operation".

In this regard, he assured that the 'traitors' of the country will receive their punishment with the electoral victory that the people will lead in the elections for the presidency of the country, which will take place this year.

Jose Materan, 19, received two gunshot wounds and died in hospital, where three others were being treated for injuries.

Venezuelan parliamentarians were unanimous when they voted "absolute nullity on the issuance of the petro cryptocurrency".

The parliamentarians believe that the cryptocurrency is in violation of Venezuela's constitution.

At the end of December, Venezuela's Communications Minister Jorge Rodríguez said that the country was getting ready to launch within days its own digital currency-El Petro-which will be backed by more than 5.3 billion barrels of oil and support US$267 billion worth of financial instruments.

This is not the first time the opposition parliament has opposed Maduro's decisions.

Philadelphia, January 10, 2018 ( - Venezuela's opposition-controlled National Assembly (AN) issued a resolution Tuesday rejecting a decree by President Nicolas Maduro creating a national cryptocurrency, known as the Petro.

The head of the Bolivarian State revealed that the founder of the Un Nuevo Tiempo party responded with insults against the Venezuelan cryptocurrency, an invitation that he made for a process of dialogue.

The SEC filing, posted at the time of the sale announcement, does not specify that unpaid amount.

National Assembly Declares Government Cryptocurrency Illegal — VENEZUELA